BusinessBusiness RecoveryMCR administrators make 335 redundancies at Vergo Retail

MCR administrators make 335 redundancies at Vergo Retail

Less than a week after their appointment administrators at MCR are forced to close stores and make redundancies

Nine retail outlets are closing and 335 positions are to be made redundant
MCR administrators, appointed to Vergo Retail, announced.

Sarah Bell and Steven Muncaster were appointed administrators to the
department store business on 7 May 2010.

Bell confirmed the nine loss making stores are expected to close over the
next four weeks, however, a buyer will not be ruled out until it has stopped
trading.

“Following a financial review of the business it was apparent it could not
continue to trade in the short term without implementing immediate cost saving
measures,” said Bell.

The remaining ten stores in its portfolio will continue to trade as normal
while administrators seek a purchaser.

Vergo, based in Liverpool, was established in 2007 and has a staff base of
942. It operates approximately 19 department stores including Lewis’s in
Liverpool, Robbs in Hexam and Derrys in Plymouth

Further reading:

MCR
appointed administrators to Vergo Retail

Taxman
increases Pompey debts

Insolvency
stats: administrations continue to fall

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