Retail in Asia

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Aquascutum to close Corby factory with loss of 115 jobs

Administrator for 160-year-old trenchcoat-maker says "difficult decision" helps protect remaining 135 employees

Trenchcoat-maker Aquascutum is shutting down its factory in Corby, UK, with the loss of 115 jobs, after falling into administration last week.

One possible buyer is Hong Kong-listed company, YGM, which holds the rights to sell Aquascutum products in the Asian market. It put out a statement on Tuesday saying the insolvency of Aquascutum "may present an opportunity" for YGM to expand its ownership of the brand worldwide.