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Harold Tillman-backed department store Allders has collapsed into administration following "a marked downturn in sales".
The famous department store, the third biggest in the UK, today appointed Duff & Phelps as administrator, blaming a sales decline on "the well-publicised economic difficulties facing the UK". 300 jobs have been put on the line.
Retail-Week.com on Tuesday revealed that Allders was "four to five days" away from calling in the administrators as it desperately tried to renegotiate its rents with its landlord Minerva.
It is the second Tillman-backed business to hit the buffers this year after Aquascutum fell into administration in April. The same month he sold most of his stake in Jaeger to Better Capital.
Allders director Andrew Mackenzie said: "Whilst our funders, shareholders and concession partners have been supportive throughout and the ongoing restructure was progressing, the tough market...