General Trading Company goes bust

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The Independent Online

The London department store the General Trading Company went into administration yesterday, becoming the latest British retailer to hit the buffers.

The General Trading Company, which holds three royal warrants, including one from the Queen, appointed restructuring firm MCR as its administrator.

The retailer, founded by the Part family in 1920, made a loss of £21,049 in the year to 30 April 2007. This year, shoe chain Dolcis, bookseller The Works and furniture company Ilva have gone into administration. Philip Duffy, joint administrator and a partner at MCR, said: "It is too early to determine the reasons why the company which operates the store has gone into administration and we are concentrating on saving the business and selling the store as a going concern, thus saving a piece of history as well as the employment of those working there."

GTC closed its Cirencester store in the summer of 2007.

Separately, speculation is mounting that flooring specialist Floors-2-Go could be placed into administration as early as today. Its banker, National Australia Bank, has appointed restructuring firm Kroll, while management desperately seek funds to safeguard the 135-store chain as it battles torrid trading in the home improvement sector. Kroll, and Floors-2-Go, owned by private equity company Alchemy Partners, would not comment.

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