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Feather & Black collapse puts 123 jobs under threat | Feather & Black collapse puts 123 jobs under threat |
(35 minutes later) | |
Furniture retailer Feather & Black has gone into administration, putting 123 jobs under threat. | Furniture retailer Feather & Black has gone into administration, putting 123 jobs under threat. |
The retailer will still trade "in the short term" and administrator Duff & Phelps said its "current intention" was to honour orders up until 27 November. | The retailer will still trade "in the short term" and administrator Duff & Phelps said its "current intention" was to honour orders up until 27 November. |
Duff & Phelps said it was looking for a buyer to continue to run the shops. | Duff & Phelps said it was looking for a buyer to continue to run the shops. |
The furniture chain is owned by the Wade family, which also owns furniture retailer Multiyork which also fell into administration last week. | The furniture chain is owned by the Wade family, which also owns furniture retailer Multiyork which also fell into administration last week. |
Feather & Black - which traces its roots back to 1994 - has 25 retail stores across the UK, including concessions within Multiyork shops. | |
The chain also has a head office and warehouse in Chichester, west Sussex, and employs 123 people in total. | |
Duff & Phelps said customers with current orders would be contacted "in due course" with updates. | Duff & Phelps said customers with current orders would be contacted "in due course" with updates. |
"The joint administrators are trading Feather & Black in administration in the short term with a view to finding a purchaser for the business as a going concern. | "The joint administrators are trading Feather & Black in administration in the short term with a view to finding a purchaser for the business as a going concern. |
"We are confident that a buyer will be found and encourage any interested parties to come forward," said Duff & Phelps joint administrator, Allan Graham. | "We are confident that a buyer will be found and encourage any interested parties to come forward," said Duff & Phelps joint administrator, Allan Graham. |
Mr Graham said customers with current orders would be contacted "in due course" with updates. | Mr Graham said customers with current orders would be contacted "in due course" with updates. |
Spending slowdown | Spending slowdown |
Mr Graham said many retailers had been hit by the slowdown in consumer spending. | Mr Graham said many retailers had been hit by the slowdown in consumer spending. |
The main rate of inflation is currently 3%, marking its highest level for five-and-a-half years. | The main rate of inflation is currently 3%, marking its highest level for five-and-a-half years. |
"With inflation rising faster than wages, consumers are beginning to feel the pinch and have cut back on their household budgets," Mr Graham added. | "With inflation rising faster than wages, consumers are beginning to feel the pinch and have cut back on their household budgets," Mr Graham added. |
He said the tough trading conditions meant that Feather and Black "could not longer meet its ongoing liabilities". | He said the tough trading conditions meant that Feather and Black "could not longer meet its ongoing liabilities". |
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