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Royal store goes bust in credit crunch
Jonathan Prynn, Consumer Affairs Editor21 Jul 2008
A department store in Chelsea favoured by the royal family today became the latest victim of the credit crunch.
The General Trading Company, where Princess Diana, Camilla Parker Bowles and Sarah Ferguson had their wedding lists, went into administration this afternoon.
Founded in 1920, it is best known for its furnishings, kitchenware, chinaware and clothing, and has enjoyed the patronage of the "Sloane Ranger" set for decades.
It is one of the best-known victims of the savage downturn in consumer confidence. Stores heavily dependent on City-based customers such as the General Trading Company and nearby Peter Jones have been among those worst affected because of smaller bonuses and job insecurity.
The store started its life off Park Lane then moved to Sloane Street in 1962. It is said to have lost its way when it moved in 2000 to a new site just off Sloane Square in Symons Street and was given a more minimalist and modern feel by architect Spencer Fung. It made a loss of £736,000 last year and has 32 employees.
The store was one of the first to develop the idea of a wedding list service, now offered by virtually every major department store. It was said to be the perfect place for "the reassuring props for the shared flats in town when single, the family house in Fulham for the early married years and, ultimately, for the grander house in the country".
Philip Duffy, partner of administrators MCR, said: "This is a world famous department store with a strong and loyal customer base. We are concentrating on saving the business and selling the store as a going concern, thus saving a piece of history as well as the employment of the people working there. We are confident that there will be a significant amount of interest."
Reader views (2)
Signor Jaime, with such a poncy name yourself, you should take care whom you mock.
Re the Store, well, they say they made a loss of £736,000 last year, so it's got nothing to do with the Credit Crunch, more to do with incompetent management.
- Haskey, London SE1, 22/07/2008 10:36
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Oh Golly Yah!
What will one do now?
Must go and tell Plum, Tiggy, Rixy, Flixy, Mixy, Dixy........
- Jaime Gamell-Riera, madrid, spain, 21/07/2008 23:57
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