The Sofa Workshop on Chiswick High Rd closed on Thursday (31 March) as the company went into administration. The mid-market UK upholstery retailer has 16 stores across the UK.
According to administrators accountancy firm Price Waterhouse Cooper:
‘Despite achieving significant revenues, these have been outweighed by trading losses, especially in light of Covid-related supply chain disruption and significant increases in transportation costs on importing goods from Asia into the UK over the last year.
‘Consequently, the business has been unable to meet payments as they fall due and has remained reliant on the support of its shareholder.’
For some time the store in Chiswick had been advertising clearance deals of 50% off. Potential sales options were explored but no buyer came forward. The administrators have made 77 staff redundant.
From Thursday, 15 stores and the website have ceased to trade. One store, 204-208 Tottenham Court Road will continue to trade for up to 14 days in order to sell through the floor stock.
Outstanding orders will be fulfilled
Toby Banfield, joint administrator and PwC partner, said:
“I’m pleased that we have been able to sell the order book, ensuring that customers will receive their outstanding orders.”
Customers will be contacted directly by the Group as soon as possible to provide a further update on the status of their orders.
For more information go to the administration website: www.pwc.co.uk/sofa-workshop
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