Due to U.S. market challenges, British furniture and accessories maker Oka initiated Chapter 7 bankruptcy proceedings in June, to focus on the U.K.
— Known for capturing the essence of the British home, U.K. furnishings and accessories firm Oka is pulling out of U.S. territory amid a challenging market.The proceeding will see the company liquidate assets to repay creditors, and the company said the business strategy in the U.K. remains unchanged.was the most viable option due to the ongoing challenges to establish the business in the U.S. region.
In 2018, Oka’s private shareholders sold the company to European investment houseinto the world of furnishings with Oka in April, with three collections, one of which included pieces for the study, such as a set of nesting tables and a desk. and home decor firms have been hit by the real estate slowdown, especially in the U.S. According to the National Association of Realtors, existing home sales in the U.S. fell to their lowest level in nearly 30 years in December.
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