Allders, Croydon’s famous department store, is said to be facing administration again if it cannot reach agreement with its landlord over its rent.
Allders, the third largest department store in Britain and the rump of a once 50-strong chain, is said to have been struggling in the tough economic climate and now needs to cut its rent bill.
The store is currently in discussions with landlord Minerva, according to Retail Week, the two working together to find a solution to the problem. If the discussions break down, Allders is said to be looking at calling in the administrators in four to five days’ time.
Allders has had a chequered past. In 2005 it spectacularly collapsed into administration, which saw all 50 stores disappear bar Croydon, which was taken over by Jaeger fashion group owner Harold Tillman.
In 2010 the store faced administration again and was saved only by intervention from the then business secretary Lord Mandelson.
Early this year, Allders’ chief executive Andrew MacKenzie led a management buyout, which leaves Mr Tillman with a 30% interest in the store.