BRITAIN’S high streets suffered another loss yesterday as menswear chain Austin Reed went into administration less than 24 hours after the public downfall of BHS.

The latest collapse threatens nearly 1,200 people’s livelihoods across the retailer’s 150 stores and concessions.

Austin Reed’s woes were blamed on cashflow difficulties and the inability to attract younger shoppers. AlixPartners, the business advisory firm administrating Austin Reed, is said to be seeking a rescue deal for the business, with Jaeger’s owner Better Capital as one of the rumoured interested buyers.