Courts stores taken up by SB Capital

Courts' administrator KPMG has made an agreement for 88 stores to be traded by SB Capital. Some 14 stores have been sold to the turnaround specialist, which also has interests in Furnitureland and Land of Leather. The remainder will be wound down by February 20 next year. The outlets run by SB Capital will open on Thursday.

KPMG head of corporate recovery Mick McLoughlin said: 'In the circumstances, this is the best result we could have achieved for the customers - 4,000 people who have paid in full for furniture, which is at the stores or warehouse, will have the furniture delivered. All of the remaining customers who have made payments in full will have received their original order where possible. If this is not possible, they will have the opportunity to choose an alternative item of the same value. For those customers who have paid by deposit, they will be offered an alternative item less 10 per cent discount, while others will have a claim against their credit card companies.