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Vergo Retail to close nine stores, loss of 335 jobs

17
May '10
Sarah Bell and Steven Muncaster of MCR were appointed as joint administrators to Vergo Retail Limited on the morning of 7 May 2010. Both Administrators are licensed by the Insolvency Practitioners' Association.

The Administrators announced closing down sales of nine retail outlets, and regrettably the redundancy of 335 positions across the business with effect from 11 May 2010.

The stores are expected to close within the next four weeks; however, a purchaser for these stores will not be ruled out until they finally stop trading.

A closure date for Lewis's department store in Liverpool has also been confirmed to be within the next four weeks, following an announcement prior to the administration that it was set to close. The remaining 10 stores will continue to trade as usual in the short term while a purchaser for the business is sought.

The list of stores for closure:
1) Liverpool (this is additional store closing down outside the actual administration case - it is not counted as one of the nine)
2) Sunderland
3) Hexham
4) Whitam
5) Clacton on Sea (Department Store)
6) Stowmarket
7) Derry's
8) Colchester Jewellery
9) Norwich
10) Dovercourt

The affairs, business and property of the Company are being managed by the Administrators, who act as agents of the Company and without personal liability. The role of the Administrator is to deal with the business and assets of the insolvent estate. Their role is not to replace the Directors of the Company nor are the Administrators accountable for the management of the business prior to their appointment.

MCR


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