MCR, administrators to Vergo Retail, announced they are commencing closing down sales in the remaining 18 stores. However, they are continuing negotiations with potential purchasers.
“Discussions are ongoing with a number of different parties wishing to acquire part or all of the business. This process is being run in parallel with a discount sale in order to generate sufficient cash to fund the business in the short term," said Sarah Bell, partner at MCR and one of the joint administrators.
"Unless a purchaser can be found for the whole business, further store closures during the coming weeks cannot be ruled out,” she added.
Bell and Steven Muncaster were appointed administrators to the department store business on 7 May 2010.
So far approximately 340 people have been made redundant at the clothing retailer which had around 942 employees.
Vergo, based in Liverpool, was established in 2007 and operates approximately 19 department stores including Lewis's in Liverpool, Robbs in Hexam and Derrys in Plymouth.
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