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Joplings sale hopes rise
Speculation is mounting that Joplings could be saved from closure after rumours that administrators are close to sewing up a buy-out deal.
Reports are circulating that entrepreneur Harold Tillman is interested in snapping up the store as part of his bid to resurrect the failed Allders department store chain.
Tillman bought the Allders name and its Croydon flagship store following the company's collapse in 2005.
According to yesterday's report, he is close to sealing a deal to buy three department stores - including Joplings - from Liverpool-based parent company Owen Owen.
The report also claims least one of the stores will be rebranded as Allders and agreements are likely to be signed as early as next week.
The move is reportedly prompted by a desire to cash in on the growing 'grey pound,' the over-50s market worth more than 200billion a year.
Owen Owen, which also owns Joplings' sister store Robbs in Hexham, collapsed almost two months ago, two years to the day after taking over Joplings and saving the John Street store from the threat of closure.
Administrator Kroll has been trying to find a buyer for the Sunderland store, which had been trading profitably before the collapse of its parent company.
Owen Owen ran into trouble after heavy losses at its Liverpool store, for which it blamed road works intended to revitalise the city centre ahead of its stint as European Capital of Culture.
The Echo revealed last month that there had been around 60 expressions of interest and a number of information packs had gone out to prospective buyers.
Although there have been rumours of interest from both American and Irish buyers, Harold Tillman is the first name to be associated with a possible buy-out.
Administrators refused to be drawn on the rumours today: "We are currently negotiating with a number of parties to sell the stores," said a spokesman.
"At this time no sale has been finalised with any party. Further information will be provided as significant developments occur."
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Thursday 09 February 2012
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