Godalming's M&Co to stay open as company announces nationwide closures

Godalming's branch of fashion chain M&Co has escaped the axe as the company makes major changes to try to survive in what is becoming an increasingly hostile retail environment.

The company, which appointed administrators in April, has announced that it plans to shut 47 branches across the country, with the loss of 380 jobs.

But the Godalming branch, which occupies the former Woolworths building, will remain open as one of the 218 stores given a reprieve by the Glasgow-based retailer.

M&Co's chief executive officer Andy McGeoch said: "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 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 and 218 stores in high streets across the country remaining open."