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MCR confirms closure of five Vergo stores

Sarah Bell and Steven Muncaster, Partners at MCR and joint administrators of department store business Vergo Retail Limited, have confirmed that five stores closed permanently on Saturday.

CITY & CORPORATE

MCR confirms closure of five Vergo stores

Negotiations with prospective purchasers will continue for the remaining 10 stores still operating.

Sarah Bell, partner at MCR says the closure of the stores was inevitable following a lack of any suitable offers: “Since the administration began we have worked hard to secure a purchase of the Vergo business.  However, given the tough economic climate and the financial challenges hitting the UK’s retail industry, certain Vergo stores can no longer be sustained. I must reiterate that negotiations are still in progress on a number of stores still operating and can not rule out a sale of the stores until all avenues have been exhausted. We encourage any interested parties to come forward urgently.”

The Company went into administration on Friday, 7 May 2010.  A total of 482 employees have been made redundant while nine stores have been closed.  One store, Robbs Department Store in Hexham, Northumberland was successfully sold by the joint administrators to J E Beale PLC on 3 June 2010.

In the event that no purchaser comes forward for the remaining 10 stores the final day of trading will be Saturday 26 June 2010.

 

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