MERCHANT Retail, the parent company of A de Gruchy department store in King Street, is pulling out of department store retailing in the UK.
But the group says it remains committed to the Jersey operation - its one remaining department store - and will be reinvesting some of the proceeds of the sell-off in the on- going refurbishment.
The decision to sell follows a succession of disappointing results from its four other department stores in Leamington Spa, Hexham, Sunderland and Tynedale Park in Northumberland.
In contrast, the group’s other business interest, The Perfume Shop chain, reported a 30% increase in profit last year.
Article posted on 13th July, 2004 - 12.00am
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