Tension mounts for department store retailer as administrator expected to be announced imminently
Department store chain Allders is widely expected to appoint an administrator today. Press speculation is mounting, with The Times reporting that the ailing retailer will appoint Kroll as its administrator.
Last week, the retailer announced that its debt had been bought by retail turnaround specialist Hilco, which bought and then put into receivership Ciro Citterio in 2003.
According a report in the Independent, suppliers are understood to be demanding cash up front, and the retailer has lost its credit insurance.
Should the company go to the wall, 7,000 past and present employees in the retailer's pension scheme will be on tenterhooks to find out if their contributions will be preserved. The retailer's pension liabilities are thought to be about£60 million. However, it owes other creditors at least that much.
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