DUFF & PHELPS administrators have said they will close department store Allders after they were unable to find a buyer.
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 final day of trading is expected to be 22 September.
A statement from the administrators said: “Although a number of parties expressed interest during the marketing process, no formal offer was received and the remaining interested party withdrew their interest within the last 24 hours.”
Bouchier, partner at Duff & Phelps, said: “It is with sadness that we are making this announcement as we recognise that the store is an historic and iconic landmark in the local community.
“We would like to take this opportunity to thank the staff of Allders, the concession partners, Croydon Council and the landlord Minerva for their continued support throughout the administration trading period.”
The 150-year-old store was part-owned by Harold Tilman, who also owned fashion retail business Aquascutum which entered administration this year. However, FRP administrators managed to sell the majority of the UK business and assets to Hong Kong-listed YGM.
Picture from Flickr, copyright: Kake Pugh
The director of a company set up to market a fuel-saving device has been disqualified for failing to maintain and preserve proper records
Cowgill Holloway Business Recovery has concluded the sale of assets of film distributor Metrodome to independent movie distributor 101 Films following appointment as administrators
PwC must face $1bn lawsuit over claims it provided bad accounting advice which contributed to the 2011 collapse of MF Global
HMRC filed 3,484 winding up petitions in 2015, up from the 3,074 applications filed the previous year