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Designer furniture store Dwell close to collapse Designer furniture store Dwell close to collapse
(about 1 hour later)
Upmarket furniture store Dwell is on the brink of collapse, putting at least 200 jobs at risk.Upmarket furniture store Dwell is on the brink of collapse, putting at least 200 jobs at risk.
The 24-store retailer, which sells £300 designer coffee tables and £1,500 leather sofas, is expected to make an announcement about its future later on Wednesday.The 24-store retailer, which sells £300 designer coffee tables and £1,500 leather sofas, is expected to make an announcement about its future later on Wednesday.
The collapse of the 24-chain store, which has a £34m turnover, would add to the list of failed firms since the start of the year, including Jessops, HMV, Blockbuster and the UK's biggest bed retailer Dreams. The collapse of the chain, which has a £34m turnover, would add to the list of failed firms since the start of the year, including Jessops, HMV, Blockbuster and the UK's biggest bed retailer Dreams.
Dwell chalked up a £700,000 loss in 2012, which it blamed on the slow housing market and low consumer confidence. The retailer opened six new stores last year, including its biggest-ever shop at Lakeside shopping centre in Thurrock.Dwell chalked up a £700,000 loss in 2012, which it blamed on the slow housing market and low consumer confidence. The retailer opened six new stores last year, including its biggest-ever shop at Lakeside shopping centre in Thurrock.
Twitter users reported that Dwell stores on Tottenham Court Road and Westfield Stratford were closed this morning. Twitter users reported that Dwell stores on Tottenham Court Road and Westfield Stratford were closed on Wednesday morning.
Entrepreneur Aamir Ahmad founded Dwell as a mail-order business in 2003, and has been looking to wrest back control, since leaving the business late last year. Dwell hired corporate advisors Argyll Partners last month to search for a buyer. Entrepreneur Aamir Ahmad founded Dwell as a mail-order business in 2003, and has been looking to wrest back control since leaving the business late last year. Dwell hired corporate advisers Argyll Partners last month to search for a buyer.