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.
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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.
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By GlobalData“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.
