Mon, 18 Jun 2012 | ADMINISTRATION
Duff & Phelps has been appointed administrator to Allders in Croydon, the last department store standing out of its once 50-store strong chain, due to tough trading conditions.
This year marks the 150th anniversary for the shop, which is still open for trading. Outstanding orders will be fulfilled the administrators have said.
Andrew Mackenzie, director at Allders commented, “We will now work with the administrator to continue ongoing discussions with funders and other interested parties in the business. With the considerable support already given by Croydon Council and our landlord Minerva, I would hope that additional investment or a sale can be achieved.”
About 850 jobs are at risk of being lost. The department store, which has 500,00 sq. ft. of space, directly employs 300 staff, and another 550 staff man its many concessions.
Harold Tillman took on a majority stake in the business when he rescued it out of administration in 2005. He reduced this to 35 per cent after a restructuring earlier this year. Aqusacutum’s failure in April was another blow to the retail entrepreneur. He sold most of his holding in Jaeger to Better Capital the same month, after rising losses.
Previous story - Allders department store facing administration
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