1000s of jobs and 100s of stores could be at risk as the retailer files for administration 🏬
It’s being reported that Carpetright will file a notice to appoint administrators today , potentially putting 3,000 jobs at risk. It is understood that experts from PwC are set to be appointed as part of the process, who will seek to find emergency funding or a rescue buyer for the troubled business. Once a notice of intent to appoint administrators is filed, it gives companies around 10 days in which it can attempt to avoid insolvency.
Sales of furniture and homeware have declined industry-wide as consumers delay major purchases and focus on essential bills. Earlier this year, Carpetright enlisted restructuring experts Teneo to explore cost-cutting measures. Last month, the retailer announced plans to cut more than 25% of its head office staff, putting around 70 jobs at risk, as part of efforts to streamline operations.
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