The takeover of a clothing retailer won’t be enough to save a Castle Douglas shop.
M&Co went into administration in December after hitting financial trouble for the second time in two years.
The Renfrewshire-based firm, previously known as Mackays, has now been taken over by AK Retail Holdings.
However, the deal doesn’t include stores meaning all their shops – including their branch in King Street – will close over the next few months.
A statement said: “Unfortunately we haven’t received the news we would have hoped for during our administration period, and would like to share this news with you.
“As we haven’t received any funded, deliverable offers that would result in the transfer of the company’s stores or staff to a potential buyer, this means that all of our stores will close.”
South Scotland MSP Colin Smyth said: “This is devastating news for staff at M&Co stores across the south of Scotland.
“This has been a dreadful couple of years for retail and the news will be the last thing they wanted to hear. My thoughts are very much with them and their families.
“Unfortunately, M&Co staff have been living with this uncertainty for a long time. In August 2020, M&Co entered administration for the first time and while a number of branches were closed that time, many re-opened.
“This is another blow for our High Street and further proof that it needs as much support as possible.”
Meanwhile, jobs at Tesco stores in the Stewartry could be under threat.
The supermarket giant is planning a major overhaul of its stores across the UK, with around 2,100 jobs set to be impacted.
Tesco has two stores in the Stewartry – one in Castle Douglas and one in Kirkcudbright.
