JR Taylor, the department store based in Lytham St Annes, Lancashire, will close its doors for the final time on January 17 after administrators were unable to find a buyer for the business.
Drapers reported last month that Duff & Phelps had been appointed as administrators, following a “sustained period of difficult trading conditions”.
The store, based in Garden Street, was originally founded in 1901. It has 60 employees, who have been informed of the closure. Owners Howjow Investments have confirmed that wages and redundancy payments will be met in full.
Matthew Bye, a representative for the offshore trust, said: “It is with sadness and regret that we announce this closure. JR Taylor has enjoyed a long association with Lytham St Annes and with people from across the county.
“The owners and management have worked tremendously hard over the last few years to try to return the business to profitability, but changing shopping habits and economic conditions continued to put pressure on the business. We got to a point where it was no longer sustainable.”
While there were some interested parties, no final offers were received and the owners were forced to close the business.
Hilary Cookson and Henry Shepherd from Maureen Cooksons in Whalley acted as consultants for Howjow in the store for the past five years, charged with restoring it to former glory. Cookson said: “Sadly a buyer for JRTaylor has not been forthcoming and the store closes its doors on Saturday night after over 100 years of trading.
“Having spent five years turning the wheel, getting the sales back up and the store looking good, it is criminal.”
Bye added: “This has been a difficult and uncertain time for the staff and we’d like to place on record our thanks to them for their continued hard work and dedication while this process has been going on.”