Fri, 10 Jun 2011 | BUSINESS SALE
A buyer is being sought for the 26 branches of the supermarket chain Haldanes, after it entered administration in the middle of its bitter legal dispute with the Co-operative.
The chain announced the administration late yesterday, just weeks after it launched its proceedings against the Co-operative, in response to the Co-op's own action concerning some of the stores that it sold to Haldanes in 2009.
The company's chief executive, Arthur Harris, said they were "devastated" at the action, but had sought the administration in a bid to protect their own position.
“Following advice from our lawyers and an insolvency practitioner, we have made the decision to seek an administration order for Haldanes Stores Ltd and Ruston Retail Ltd," he said.
Mr Harris added that they would be doing everything they could to establish a certain future for their employees, and thanked them for their loyalty and efforts. He added, "We will work closely with the administrator and do our utmost to secure the future of a group of stores in the Haldanes estate."
Haldanes was created when the Co-op was forced to sell off some of its stores by the Office of Fair Trading, after its take over of the Somerfield brand.
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