The M&Co in Oakham looks set to have been saved from the axe.

The branch at the Co-op Superstore in Burley Road was NOT named on a hitlist by the nationwide fashion retailer.

However, the branches in Bourne and Stamford are set for the chop.

The closure of 47 stores, with the loss of 380 jobs as part of a major restructuring plan, was announced by the company on social media.

The retailer blames the coronavirus outbreak for reducing footfall.

But even prior to the pandemic, M&Co was facing difficulties, with a reported 40 per cent drop in operating profits to £3.6million in the year to February 28, 2020.

Chief executive Andy McGeoch said: "It quickly became clear 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.

"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."

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"It's a terrible situation for [affected staff] and I'm desperately sorry that we couldn't come up with a viable plan which would have saved all the jobs."

Nub News sought confirmation of the Oakham's store's future from M&Co but got no reply.