300-year-old department store Bennetts goes under
today Feb 11, 2019
Derbyshire-based Bennetts, dubbed the oldest department store in the world, has fallen into administration, hit by weakening consumer confidence, online competition and growing costs.
The company opened its first store in the heart of the Cathedral Quarter in Derby in 1743, and later added a further site in Ashbourne.
Paul Mallatratt and Louise Freestone of Bridgewood Financial Solutions have been appointed as joint administrators. They will continue to trade both stores as a going concern as they explore a sale of 285-year old business.
“Bennetts is an iconic retail brand which, over many years of trading, has earned a reputation for offering good quality products and great customer service. Given its pedigree we are hopeful that a buyer can be found so that Bennetts can continue to serve the local community for years to come,” commented Paul Mallatratt.
The administrators said the store’s loyal customer base has not been enough to keep it going during a “very
challenging” period on the UK high street.
The administration will lead to a small number of redundancies, but the majority of staff is expected to continue with the company.
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