M&Co’s Penrith store is one of more than 200 of the company’s UK outlets to be saved following a financial restructuring exercise which has preserved over 2,200 jobs.
The company, which has had a presence in the town for more than six years, appointed administrators in April as the coronavirus outbreak forced the closure of most UK retailers for almost four months.
M&Co chief executive Andy McGeoch said: “It quickly became clear that 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.
“COVID-19 has been by far the biggest challenge our family business has faced in almost 60 years, and I am really pleased that we have been able to maintain a presence in over 200 communities.
“COVID-19 means many people don’t feel comfortable travelling on public transport or visiting city centres and that can be good news for high street stores like M&Co.
“That’s why we are looking at ways of working in partnership with other local retailers to highlight the tremendous range of shopping that can be found in communities like this all over the country.
“Local economies rely to a huge degree on their town centres and we have seen too many high streets hollowed out by successive shop closures.”