Independent family run department store McEwens of Perth was put into administration last week (Thursday March 24).
In a statement, company chairman John Bullough and his wife Georgina said: “It is with great sadness and regret that we have had to put McEwens of Perth into administration.
“Despite our exhaustive search for investor and partner solutions, all negotiations with the bank have failed and unfortunately we have run out of options.
“Our thoughts are with all 130 wonderful McEwens staff who face redundancy. We are grateful to them for their hard work and all our friends and colleagues for their advice and support.
“Although this is extremely disappointing and sad for us both as this comes at great personal cost to us, we can stand tall in the knowledge that we have done everything in our power to support the business and the city centre of Perth.”
Blair Carnegie Nimmo and Gerard Anthony Friar were appointed joint administrators of the company on March 24.
The affairs, business and property of the company are being managed by the joint administrators who act as agents for the company and without personal liability
Blair Carnegie Nimmo and Gerard Anthony Friar are authorised to act as insolvency practitioners by the Institute of Chartered Accountants of Scotland.
The retailer has traded in Perth since 1868 and also had branches in Ballater and Oban. The Ballater and Oban branches were closed with immediate effect, but the Perth store reopened last Friday (March 25) for a closing down sale.