May 25 2013 Latest news:
Saturday, June 16, 2012
Department store Allders – which has been trading in the London borough of Croydon for 150 years – has gone into administration.
Around 850 jobs are now under threat at what is one of London’s largest remaining department stories.
Croydon Council said the store was unable to raise working capital, and the local authority has pledged to help staff any way it can.
Councillor Mike Fisher, leader of the council, said: “This is a significant blow to the town and it’s particularly sad that this situation has arisen in the year that Allders has been celebrating 150 years of trading in the borough.
“Like the rest of the country, Croydon is grappling with very difficult economic conditions and reduced spending power, and this shows how even the most long-established institutions are potentially threatened.
“Whilst there is no getting away from the fact that this is a very sad day for Croydon, we remain optimistic for the future of retail in the town.
“Two of the country’s largest retail developers remain keenly interested in our main shopping centre, Whitgift, and only a few weeks ago we approved Hammerson’s plans for the remodelling and expansion of Centrale. We are determined to ensure that our regeneration plans remain on track.
“And with new residential and business space already under construction, I still believe we are well-positioned for when the economy as a whole begins to grow again.”
Allders director Andrew Mackenzie blamed “tough market conditions” for the calling in of administrators and added he hoped additional investment or a sale could be achieved.