Fears that Welshpool could have faced a retail disaster with the closure of its biggest town centre store have been allayed after the town’s M&Co avoided the axe.
The struggling Scottish retail chain announced it will close 47 stores as part of a major post-lockdown shake-up after entering administration in April.
The closures will see 380 jobs go but 218 shops will remain open, including Welshpool, much to the relief of a high street which is still struggling to fill the empty NatWest bank building.
Chief executive officer of M&Co, Andy McGeoch, said: “As everyone knows, retail has been one of the sectors hardest-hit by Covid-19, with long-term shop closures and social distancing having a hugely negative impact.
“We reopened most stores in June and have been exploring every possible option, but it was obvious that the business, as previously structured, would remain under severe pressure from the ongoing challenges of Covid-19.
“It quickly became clear that 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.”
The company was sold in a pre-pack administration deal which will see the assets sold back to the original founding family.
It was originally founded 50 years ago in Glasgow by the McGeouch family. It opened in Welshpool following the demise of Woolworths during the global financial crash of 2008.