ONE OF THE COUNTRY’S biggest department stores, Allders of Croydon, has collapsed, with Duff & Phelps administrators appointed.
Geoff Bouchier, Matthew Bond and Philip Duffy were appointed joint-administrators to the retailer, putting about 300 store jobs at risk. There are a further 500 staff employed at the concessions.
The 150-year-old store’s failure is the latest set-back for part-owner Harold Tilman, who recently called in FRP Advisory administrators to his fashion retailer Aquascutum earlier this year.
A statement from the Duff & Phelps administrators said: “The board of Allders has today taken the decision to place the company into administration following a marked downturn in sales brought on by the well-publicised economic difficulties facing the UK.”
They confirmed that the store will remain open for business and concession partners will continue to support the business during the administration process.
Allders director Andrew Mackenzie said: “Whilst our funders, shareholders and concession partners have been supportive throughout and the ongoing restructure was progressing, the tough market conditions in the UK retail sector have forced the board to appoint administrators in order to protect the business and its creditors.”
Manufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global
By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking and cost creditors £8m a year, trade body R3 warms
Lee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre (CESC), on 29 June 2016
Peter Saville, Ryan Grant and Anne O’Keefe of AlixPartners will now become the supervisors of the CVA and monitor the implementation of the proposal