The retailer announced the sale of Joplings in July last year. The process was completed in January, after the sale of the last two stores in Sunderland and Hexham.
Merchant said it retains the loan book and operations of JFS, the Joplings store card business, which will continue to operate until September 1. The net book value of the debtor book on February 19 was£4.3 million.
Merchant Retail owns The Perfume Shop, which has 111 stores.