Allders, the huge department store that has been trading in Croydon for a century and a half, is to close down
The failure of the store, which went into administration in June, will result in the probable loss of around 850 full and part-time jobs.

Administrators Duff & Phelps said they had explored all potential options for the retailer's creditors, including a sale of the business. However, the one remaining interested party has now backed out.

Staff at the department store were told of the closure at 9.30am on Friday.

Duff & Phelps said in a statement: "Today, the joint administrators of Allders (Croydon) Ltd have announced that the Croydon-based department store is to close, with the final day of trading anticipated to be September 22 2012.

"The joint administrators, all of leading global financial advisory and investment banking firm Duff & Phelps, were appointed on June 15, 2012, and since their appointment have explored all potential options to secure a buyer for the business as a going concern and safeguard employment.

"Although a number of parties expressed interest during the marketing process, no formal offer was received and the remaining interested party withdrew their interest within the last 24 hours."

Geoff Bouchier of Duff & Phelps, added: "It is with sadness that we are making this announcement as we recognise that the store is an historic and iconic landmark in the local community.

"We would like to take this opportunity to thank the staff of Allders, the concession partners, Croydon Council and the landlord Minerva for their continued support throughout the administration trading period."

Croydon Council said that Allders had been "unable to keep up with the competition in the modern retail market", and that the council was now determined to ensure that as many as possible of the small businesses that traded from the store will continue to operate in the town.

Croydon's Allders was the rump of what was once a 50-strong chain of department stores, which collapsed into administration in 2005. Retail entrepreneur Harold Tillman took over the Croydon flagship, but in 2010 it found itself facing administration once again before being saved.