Sofa Workshop, the 31 store furniture specialist, is on the brink of administration, becoming the latest retailer to hit a financial crunch as the carnage sweeping the high street accelerates.
Paul Staden, the marketing director of Sofa Workshop, said: “Sofa Workshop has filed intent to appoint an administrator as a protective measure while discussions continue to refinance the business.”
The sofa retailer has lined up Leonard Curtis, the recovery specialist, as administrator if last-ditch rescue talks fail.
Sofa Workshop’s former sister retail chain New Heights appointed an administrator in May.
New Heights bought Sofa Workshop from MFI for £1.8m in October 2006. MFI collapsed into administration in late 2008.
In the last 12 months, furniture and furnishings retailers including Ilva, Rosebys and Beds Direct have fallen into administration. ScS, the sofa specialist, was bought out of administration by Sun European Partners last year.Reuse content