Tue, 11 Sep 2012 | ADMINISTRATION
Allders department store has failed to find a buyer and looks set to close its doors later this month.
Administrators Duff & Phelps were appointed in June to attempt to arrange a sale of the retailer. Despite receiving several expressions of interest, the firm was unable to find a tenable successor to buy the business to continue trade.
The uncertainty regarding the long-term future of the property as a result of planned redevelopment was one of the key matters preventing a new company from making a commitment to the store.
Geoff Bouchier, partner at Duff & Phelps, commented: “It is with sadness that we are making this announcement, as we recognise that the store is an historic and iconic landmark in the local community.
“We would like to take this opportunity to thank the staff of Allders, the concession partners, Croydon Council and the landlord Minerva for their continued support throughout the administration trading period.”
Around 850 staff are expected to lose their jobs as a result of the store’s closure.
Croydon Council leader Mike Fisher, however, suggested that the plans for the redevelopment of the area will give the site a “new lease of life”. “We will be working closely with the landlords to bring the space back into use as quickly as possible,” he added.
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