Liverpool's Rapid Hardware falls into administration
Liverpool department store Rapid Hardware has gone into administration after over forty years in business.
The retailer, which employs around 100 people, is now in the hands of administrators Duff & Phelps after they were appointed to the business on Tuesday.
Rapid is a family run store which has been based in Liverpool since 1971 in the landmark ‘George Henry Lee’ store. It recently completed a major refurbishment and sells a range of DIY, decorating, furniture, kitchen and lighting products .
The administrators said that Rapid had struggled against “challenging” trading conditions which had been exacerbated by the six month closure of the city’s Central Station for renovation work.
Philip Duffy, Duff & Phelps, said: "High street trading conditions continue to be difficult for many retailers. The closure during much of last year of a local transport hub compounded this resulting in a dramatic loss of passing trade, the financial consequences of which were ultimately insurmountable."
He continued: "We are now examining the financial position of the company and the store will remain open for business whilst this review is undertaken."
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