Close to 1000 workers at department store Allders are set to lose their jobs after administrators announced the 150 year-old business was to close.

Administrators from Duff & Phelps have confirmed the North End shop will close its doors for the final time on September 22, after the only serious potential buyer withdrew their interest.

A spokesman from the company said: “The Joint Administrators, all of leading global financial advisory and investment banking firm Duff & Phelps were appointed on 15 June 2012 and since their appointment have explored all potential options to secure a buyer for the business as a going concern and safeguard employment.

“Although a number of parties expressed interest during the marketing process, no formal offer was received and the remaining interested party withdrew their interest within the last 24 hours.”

The news was delivered to staff at a meeting this morning, while concessions owners were informed by their colleagues shortly afterwards.

Monique Rebeiro, owner of concessions stand Hatz is facing a huge uphill struggle following the announcement.

She is owned about £20,000 in unpaid fees from the former Allders owners, and has been told she must stop trading in the store on September 16.

She said: “My most immediate concern is working out where I am going to keep my stock, and that is before I start looking at a new location.

"During the past few months all we have been trying to do is pay off are debts after the mess we were left in.

"We have got that under control but it has left a hole and we don’t have that start-up money needed for a new store.”

She attacked the handling of the news.

She said: “It shows no respect. The concessions stall managers were forced to wait around while the staff are all in a meeting. These are people’s livelihoods and their futures.”

In response to the news Croydon Council has offered traders support in trying to find new premises.

The council is coordinating the Allders Staff Support Group, including advisers from Jobcentre Plus, the Skills Funding Agency, Croydon Adult Learning Services, Croydon College and local retailers and will provide an employment support package for anyone who will be made redundant following the closure.

In addition, plans are in place for a one-stop training and employment advice shop in the Whitgift Shopping Centre for staff affected by the closure.

Councillor Mike Fisher, Leader of Croydon Council, said: “We’re tremendously sad that it is likely that the store will be closing its doors. It has been part of the town for a very long time.

"Unfortunately, Allders has been unable to keep up with the competition in the modern retail market.

“What I am confident about is that the current plans for the redevelopment of the Whitgift Centre will see this site given a new lease of life.

"We will be working closely with the landlords to bring the space back into use as quickly as possible.”