Allied Carpets will make 850 people redundant as administrators have failed to find a buyer for 142 of the companies shops, which will now be closed down.
Allied Carpets went into administration a month ago when the management team immediately formed a new company to cherry pick the profitable parts of the business from the administrator BDO Stoy Hayward.
The purchase of the 51 shops and insurance inspection business by the newly formed Allied Carpets Retail Ltd, did secure the immediate future of 400 of the companies employees, but failure to find a buyer for the outlets that were left has proved an impossible task for the administrator.
While BDO Stoy Hayward say they have had some interest shown in the remainder of the business, companies already operating in the flooring and carpet retail business are reluctant to invest in growth in the current unpredictable economic climate.
0 comments so far
There are no comments for this post yet. Why not be the first by filling out the form below.