Vergo Retail, the retail chain that acquired a string of department stores from co-op societies last year, has gone into administration.

Vergo acquired five department stores from Plymouth & South West Co-operative Society and 11 department and home stores from the East of England Co-operative Society last year.

Administrator Sarah Bell, a partner at MCR, said: "Unfortunately, the company has endured periods of financial loss.

It has made efforts to seek new finance to restructure the business but has been unsuccessful in finding a going concern solution. Like many retailers, it has experienced a difficult trading environment during the economic downturn."

The administrators have closed nine of Vergo’s 19 stores, with the loss of 335 jobs.

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East of England axes department stores (11 April 2009)
East of England department stores to go (28 February 2009)