Thu, 14 Jun 2012 | ADMINISTRATION
An historic department store in Britain is facing administration following difficulties in the current trading climate.
Allders was once part of a 50-strong chain but in 2005 the group collapsed into administration, leaving just the Croydon store remaining after Jaeger fashion group owner Harold Tillman took it over.
In 2010 the administrators were called in again but intervention from the then business secretary Lord Mandelson saved the store.
Now, the Croydon Allders is in talks with its landlord Minerva. According to reports from Retail Week, the pair are working to find a solution but it looks like the administrators could be called in once again if an answer to the financial constraints cannot be found.
Andrew McKenzie, Allders' chief executive, told The Croydon Guardian that the group is undergoing delicate re-financing negotiations over the course of the week. Other sources have suggested that these could include a rent-free period or a business rates-free period, which would be granted by Croydon Council.
The paper also revealed that rival department store John Lewis has expressed interest in moving into the Croydon town centre, which could result in further difficulties for the group.
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