Minerva has confirmed that 45-strong department store chain Allders has been placed in administration by its directors.
Minerva owns 60% of Scarlett Retail, Allders’ parent.
In a statement the group said: “Minerva is disappointed by the failure of the sale process and the resulting administration as it has worked very hard it its attempt to secure the future of Allders as a going concern.”
Minerva added that it had been advised that was not liable for the £14.5m pension fund deficit and that any action which may be taken against it by the new pension regulator was unlikely to succeed.
Administrators Kroll have been appointed to sell the stores.
Kroll said Allders would continue to trade as normal while it reviewed all the options for the business.
It added that interest had already been expressed by third parties for the business and that it was hopeful that a going concern sale could be achieved.
Administrator Andrew Pepper said: “Allders is a long established business with a good geographic spread of stores across the whole of England in both prime high street retail and out-of-town retail locations.
“Several parties have already expressed interest in the business and we will be contacting them immediately. This level of interest so early makes us hopeful that a going concern sale can be achieved. “
References: EGi News 26/01/05
