UK-based furniture retailer Feather & Black has been placed into administration in the wake of reduced consumer spending.
The administration process puts 123 jobs at risk.
The development comes after Feather & Black’s affiliated company Multiyork, which also recently entered administration.
Global valuation and corporate finance advisory services firm Duff & Phelps has been appointed to oversee the administration process.
Until a buyer is found, the retailer will continue to operate its stores.
Duff & Phelps joint administrator Allan Graham was quoted by media sources as saying: “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.
“With inflation rising faster than wages, consumers are beginning to feel the pinch and have cut back on their household budgets. As a result of these tough trading conditions, Feather & Black could no longer meet ongoing liabilities.”
Multiyork also operates as a furniture retailer with 50 locations across the UK.
According to the administrator, Feather & Black could no longer meet ongoing liabilities.
Both companies are owned by Charles Wade.