Proprietor of the Scottish heritage brand Edinburgh Woollen Mill has warned of major job cuts as it struggles to protect the company from bankruptcy.
Company plans to appoint administrators to restructure the brand. It is considering selling portions of the company, which employs 24K individuals.
UK based organizations facing insolvency can appoint administrators to provide protection against creditors. But it means handing over power to the administrators, and the move can lead to the company being closed down.