© Copyright David960
Today, Feather & Black, a high-end bedding and furniture firm, fell into administration, putting more than 120 jobs at risk.
The company has the same owners as Multiyork, the stricken furniture retailer which itself failed during the past week.
Feather & Black runs twenty-five stores nationally and some concessions at Multiyork. It has a total of 123 employees.
Duff & Phelps, which was appointed as the administrators of Feather & Black, said that the process of insolvency would provide the business with some breathing space to look for a new owner.
Allan Graham, the joint administrator, stated: “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.”
Duff & Phelps is also currently handling the insolvency of Multiyork.
The Feather & Black brand is owned by the Wade family and was established in 2005, even though the business has roots that trace back to 1994.
Graham drew parallels with the bigger Multiyork appointment, saying that retailers “had been hit by the slowdown in consumer spending.”
Graham continued: “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 Ltd could no longer meet on-going liabilities.”
The present management team is continuing in their present roles and helping the joint administrators during the process.
Graham stated: “The current intention is for all orders made before 27 November to be honoured and customers will be contacted in due course with updates relating to these orders as required.”