130 employees are at risk of being made redundant after the company revealed it has gone into administration.
Owners, John and Georgina Bullough, have blamed internet shopping and the change in consumer spending as the reason behind the company’s demise. It is one of Scotland’s last remaining department stores.
In a statement, they said, “Since we purchased the business in 2008, we have battled against unprecedented challenges.”
“These include the immediate credit crunch, a dramatic change in shopping habits, the rise of the internet, the growth of out of town shopping, plus low consumer confidence linked to political and economic uncertainty.”
The company was unable to find a suitable buyer or raise extra funding, deciding the best option for the company was to go into administration.
Blair Nimmo and Gerard Friar from KPMG have been appointed joint administrators and will oversee the process. The owners and the council will work with employees and the council to help find suitable employment.
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know. If you have any queries, please contact KPMG who are handling the administration.