Austin Reed closing all stores

It isn't just U.S. stores that are closing up shop. U.K. retailer Austin Reed announced it will shutter all 120 stores by the end of June.

The 116-year-old menswear brand had tried to find a buyer amid a "challenging" retail market, according to BBC News.
 
"Despite a significant number of interested parties coming forward during this period, it became clear as the process progressed that a viable solution which kept the business whole was not forthcoming," said Peter Savile, joint administrator. "As a result we have made the difficult decision to cease trading the business and commence a wind-down of the estate."

Five Austin Reed outlet stores in malls have been sold to the owners of the Edinburgh Woollen Mill, but the remaining locations will close following liquidation sales.

The Austin Reed and Country Casual brands could live on, as the names have also been purchased by Edinburgh.

The collapse follows that of another U.K. merchant, department store chain BHS and its 164 locations. In the United States, Aeropostale announced it will close 20 percent of its stores in North America, while ScoopNYC and Sports Authority are winding down operations for good.

For more:
- see this BBC News story
- see this Reuters story
- see this story in the Guardian

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