Administrators from MCR have been called in at department store business Vergo Retail.
Sarah Bell and Steven Muncaster, partners at MCR are appointed joint administrators, and confirmed the company will continue to trade as normal while its position is reviewed and a buyer sought.
“Unfortunately the company has endured periods of financial loss. It has made efforts following the recently announced closure of the Lewis’s store in Liverpool, to seek new finance to restructure the business but has been unsuccessful in finding a going concern solution. Like many retailers, it has experienced a difficult trading environment during the economic downturn,” said Bell.
Vergo was established in 2007 and is based in Liverpool with a staff base of 942. It operates approximately 19 department stores including Lewis's in Liverpool, Robbs in Hexam and Derrys in Plymouth.
You may also like
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources.