Bed retailer Beds Direct has fallen into administration, making it the latest casualty of the credit crunch.

The retailer has closed more than half of its 42 stores and nine of its 92 employees have been made redundant.

After the administration, Beds Direct management team acquired the remaining assets as part of a pre-pack deal, under the company name IM GH.

PricewaterhouseCoopers, which is handling the administration, said Beds Direct had suffered from over-expansion, after increasing its outlets from 20 to more than 40, as well as launching a web site.

IM GH will continue to trade from 20 sites, as well as online.

Other retailers that have fallen into administration in recent weeks include Ilva Furniture, Floors-2-Go, The General Trading Company and ScS Upholstery.

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