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Business / Lerwick not on list of M&Co closures

The Lerwick M&Co shop.

LERWICK is not on the list of 47 M&Co shops which are set to close as part of a company restructure.

The fashion retailer is expected to shed nearly 400 jobs across the UK after it went into administration in April.

The good news for Shetland shoppers is that the Lerwick store on Commercial Street has not been earmarked for closure.

As part of the restructuring the company was placed into administration before its assets were bought back by the family which ran it.

M&Co chief executive Andy McGeoch said: “The best way to save most jobs and most stores was to enter administration, with a new company acquiring the assets of the old business, and this process has now been finalised.

“It’s not a decision we took lightly, after more than 50 years of trading, but it gives us a sustainable basis from which to rebuild, with the majority of our staff keeping their jobs.”