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The iconic McEwens of Perth department store is closing with the loss of 110 staff.

A spokeswoman said that despite an “exhaustive search” for investment solutions, the firm had run out of options.

In 2010, McEwens was placed into GRC, the recoveries arm of the Royal Bank of Scotland.

In a statement, John and Georgina Bullough said: “Despite these difficulties, we have worked hard with little to no working capital but with fantastic and loyal staff, to make McEwens the very best it could be.

“Sadly this has not delivered the increase in trade that was necessary to keep the business solvent.”

“Despite our exhaustive search for investor and partner solutions, all negotiations with the bank have failed and unfortunately we have run out of options.”

“Our thoughts are with all 130 wonderful McEwens staff who face redundancy.

“We are grateful to them for their hard work and all our friends and colleagues for their advice and support.

“Although this is extremely disappointing and sad for us both as this comes at great personal cost, we can stand tall in the knowledge that we have done everything in our power to support the business and the city centre of Perth.”

Blair Nimmo and Tony Friar of accounting giant KPMG have been appointed joint administrators for McEwens.

At the time of their appointment 1pm on Thursday – the company had 110 staff, 97 of which were based in Perth with others in smaller stores at Ballater and Oban.

A total of 64 employees were made redundant, with 46 remaining on to assist with administrators.

The stores in Ballator and Oban were closed with immediate effect and the Perth store will re-open on Friday for the start of its closing down sale.

Mr Nimmo said: “Despite the directors’ best efforts, McEwens of Perth continued to incur trading losses as a result of the many challenges being felt by the retail sector.

“Inevitably, this has led to the unfortunate demise of a well-known and highly-regarded brand.”

He added: “We have started a closing down sale in a bid to realise assets and are grateful to the remaining staff for their efforts and assistance.

“We are working with those staff made redundant to ensure they receive the necessary support from relevant agencies.”

Further advice will soon be made available for customers with outstanding orders and returns.

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