UK-based men's apparel retailer Austin Reed has plans to return to the high street next year with 50 new stores.
This move follows its collapse seven months ago, when the firm was partially acquired by Edinburgh Woollen Mill Group. In addition, the brand had to close 120 stores due to a lack of buyers, which led to loss of 1,000 jobs.
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Now the brand is set to make a return with a £100m three-year revival plan by the Edinburgh Woollen Mill Group, it is expected to open its first stores, including a flagship store in London, at the end of next year, reported Bbc.com.
In addition to Austin Reed, Edinburgh Woollen Mill group also operates fashion brands such as Peacocks and Jane Norman. The expansion of Austin Reed is reportedly only a part of a larger expansion plan by the group.
Edinburgh Woollen Mill Group's commercial director Steve Simpson was quoted by the website as saying: "With the addition of Austin Reed, which we acquired earlier this year, as well as Country Casuals and Viyella, we aim to continue this organic growth, while always being ready to respond to other opportunities as they arise."
In February, the group opened 43 stores and currently owns more than 980 outlets across the UK.
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