Owners, John and Georgina Bullough, have blamed internet shopping and the change in consumer spending as the reason behind the company’s demise. It is one of Scotland’s last remaining department stores.
In a statement, they said, “Since we purchased the business in 2008, we have battled against unprecedented challenges.”
“These include the immediate credit crunch, a dramatic change in shopping habits, the rise of the internet, the growth of out of town shopping, plus low consumer confidence linked to political and economic uncertainty.”
The company was unable to find a suitable buyer or raise extra funding, deciding the best option for the company was to go into administration.
Blair Nimmo and Gerard Friar from KPMG have been appointed joint administrators and will oversee the process. The owners and the council will work with employees and the council to help find suitable employment.