General Trading Company hits the buffers

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The Independent Online

Iconic London department store the General Trading Company has gone into administration after nearly 90 years of trading.

The retailer, which has three royal warrants, hit the buffers early this afternoon.

The General Trading Company, which was founded by the Part family in 1920, suffered a loss last year and has been hit by the tough trading environment. In the year to April 30, 2007, it made a loss of £21,049.

The retailer closed its Cirencester store in the summer of 2007.

The General Trading Company has appointed restructuring firm MCR to become the latest retailer to fall into administration.

MCR partner Philip Duffy said: “This is a world famous department store with a strong and loyal customer base. 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. We are confident that there will be a significant amount of interest."

This year, shoe retailer Dolcis, discount bookseller The Works and furniture retailer Ilva are just a few of the retailers that have fallen into administration.

Separately, fears are also growing for the future of flooring specialist Floors-2-Go, which gathered staff for an urgent meeting this morning. It is understood that Floors-2-Go has appointed restructuring firm Kroll. Both companies declined to comment.