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Last Updated: Wednesday, 4 May, 2005, 16:34 GMT 17:34 UK
Buy-out saves 500 jobs at Allders
Allders' Oxford Street store
Allders went into administration in January this year
A branch of the collapsed department chain Allders has been bought by a retail tycoon - safeguarding 500 jobs.

Jaeger chairman Harold Tillman snapped up the store in Croydon, south London, which was due to close at the weekend.

It is one of the UK's biggest stores, with more than 90 concessions, and will still trade under the Allders name.

Allders went into administration in January after its owners failed to find a buyer and 24 stores were sold off to BHS, Primark and Debenhams.

Mr Tillman said: "Allders has a great history, is a household name on the UK high street and is one of the most recognisable retail brands in the country with a lot of goodwill from consumers."

Administrator Kroll said Mr Tillman's deal now means all of the 39 Allders stores have either been sold on, closed down or handed back to their landlords.

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