Tillman holds crisis talks to save department store

Entrepreneur Harold Tillman is currently holding crisis talks in an effort to salvage the remainder of his retail empire.

Allders of Croydon, the south London department store that Tillman bought in 2005, is holding last-ditch talks with its landlords to stave of administration.

The department store has asked for a rent-free period and has also appealed to the local council for a business rates free period.

Earlier this year, Tillman restructured his ownership and reduced his stake to 35 per cent, allowing Hilco to take 35 per cent and the Royal Bank of Scotland to take a 30 per cent equity slice.

In spite of these efforts, the restructuring may be too little too late to save the historic department store.

This situation is the latest in a string of business mishaps for Tillman. In April, his Jaeger business was sold to Better Capital for a price just above its level of debts and Aquascutum was placed into administration last month.

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