Yarmouth store's future unclear
The future of a Great Yarmouth store is unclear after the company owning it went into administration.Liverpool-based Vergo Retail, which owns the former Co-op department store in the Market Place, has gone into administration, affecting 19 Vergo branches around the country.
The future of a Great Yarmouth store is unclear after the company owning it went into administration.
Liverpool-based Vergo Retail, which owns the former Co-op department store in the Market Place, has gone into administration, affecting 19 Vergo branches around the country.
But insolvency firm MCR, appointed administrator of Vergo, was unable to confirm whether the Yarmouth store was among them.
MCR was appointed administrator of Vergo on Friday after the company suffered losses in the tough trading environment.
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Established in 2007, Vergo employs 942 across about 20 outlets, including department stores trading under brands including Robbs of Hexham, Joplings of Sunderland and Derrys of Plymouth.
The company announced the closure of its Lewis's of Liverpool department store in February.
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MCR said a buyer was being sought for the retailer, which continues to trade as normal in administration.
Sarah Bell, partner at MCR, said: “Unfortunately the company has endured periods of financial loss.
“It has made efforts following the recently announced closure of the Lewis's store in Liverpool, to seek new finance to restructure the business but has been unsuccessful in finding a going concern solution.
“Like many retailers, it has experienced a difficult trading environment during the economic downturn.”