THE Alloa high street has been dealt another blow after it was announced that a major retailer was pulling out of the Wee County.

Clothing firm M&Co revealed in a statement last week that it was closing 47 stores across the UK after a deal was struck with administrators to save more than 2,200 jobs, while shedding around 380.

Alloa's High Street store has been named as one of the 47 stores to close and comes as a major setback for the town which is attempting to recover from the Covid–19 crisis.

The closure of Alloa's store also means eight jobs will be effected, a spokesperson revealed to the Advertiser.

The Renfrew-based firm's owners put the blame solely on the coronavirus lockdown, which they said caused their stores to take a "huge financial hit".

Andy McGeoch, chief executive of the chain, said: "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.

"The most difficult part of this process is undoubtedly seeing around 380 colleagues in stores and at our Glasgow and London operations leaving the business. It's a terrible situation for them and I'm desperately sorry that we couldn't come up with a viable plan which would have saved all the jobs."

"It quickly became clear that 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."