M&Co, founded in 1834, had 168 stores across the UK and owed more than £46 million when it collapsed.
The retailer, which operated 168 stores across the UK, shut all its shops in spring 2023, including branches in Penrith and Whitehaven.
M&Co previously entered administration during the pandemic, resulting in 47 store closures and 380 job losses.
The company was later bought back by its founding family, but entered administration again in 2022.
The Penrith store, located in the New Squares shopping area, closed in December 2022.
The site was later taken over by The Original Factory Shop, which opened in September 2023.
The Whitehaven branch, at 57/60 King Street, was also among the stores to close during the 2023 shutdown.
More than 600 unsecured creditors are set to lose more than £33 million after the closure of M&Co, the fashion chain that went into administration in late 2022.
A report from joint administrators Adele Macleod, Gavin Park, and Robert Harding of Teneo revealed the scale of the losses.
The administrators said: “We adjudicated all claims received and subsequently admitted 608 claims for a total of £34m for dividend purposes, compared with £41m in the directors’ statement of affairs.”
“The maximum prescribed part fund of £800,000 was distributed on March 9, 2026 to non-preferential unsecured creditors, representing a dividend rate of 2.32p in the pound.
“Insufficient funds were realised to enable a dividend to be paid to non-preferential unsecured creditors, other than via the prescribed part distribution referred to above.”
AK Retail Holdings, owner of Yours Clothing, purchased the M&Co brand for £2.5 million.
The administrators said: “No further distributions have been made to the pension scheme following Holdings’ payment of the outstanding pension scheme debt in August 2024 and its security has been satisfied.”