Allders goes into administration
Allders department store has been placed into administration following crisis talks this week. Geoff Bouchier, Matthew Bond and Philip Duffy of global financial advisory and investment banking firm Duff & Phelps, have been appointed as joint administrators. The Croydon-based department store's closure could mean the loss of hundreds of jobs.
Allders director, Andrew Mackenzie, is reported to have commented: “While 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.
"We will now work with the administrator to continue ongoing discussions with funders and other interested parties in the business. With the considerable support already given by Croydon Council and our landlord Minerva, I would hope that additional investment or a sale can be achieved.”
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