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Vergo announces closing down sales at all 19 stores

Vergo, the troubled department store group, is to hold closing down sales at all its 19 stores

GENERAL MERCHANDISE

Vergo announces closing down sales at all 19 stores

Sarah Bell and Steven Muncaster, Partners at MCR and joint administrators of department store business Vergo Retail Limited, have today confirmed that all 19 stores are commencing closing down sales with immediate effect, while negotiations with prospective purchasers continue.

The administrators have also confirmed the final day of trading for Lewis’s department store in Liverpool, will be this Saturday, 29 May 2010. This follows an announcement prior to the administration that it was set to close.  This will affect a total of 65 employees who work at the store.

“Discussions are ongoing with a number of different parties wishing to acquire part or all of the business. This process is being run in parallel with a discount sale in order to generate sufficient cash to fund the business in the short term. Unless a purchaser can be found for the whole business, further store closures during the coming weeks cannot be ruled out,” said Sarah Bell, partner at MCR.

The Company was established in 2007 and operates from a head office in Liverpool, employing a total of 942 staff across 20 outlets.  To date, a total of 341 employees have been made redundant across the business and one store in Dovercourt has been closed. Final closure dates for the remaining 18 stores have yet to be confirmed.

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