Flooring retailer Floors-2-Go has gone into administration, appointing Kroll as administrator. 41 stores will close, resulting in 97 redundancies.
Fraser Gray, Joanne Wright and Anne O’Keefe, partners at Kroll’s Corporate Advisory & Restructuring Group were appointed as joint administrators yesterday.
Last month, Jon Moulton, founder of Alchemy Partners, which backed the£52.4 million acquisition of Floors-2-Go in December 2006, denied that the 132-store retailer was heading into difficulty.
Gray said: “We understand that this is a difficult time for everyone involved and would like to thank customers, suppliers and employees for their continued support throughout the administration process.
“Retailers are battling a particularly hostile trading environment at present and it is clear that the pain is being felt acutely in the home improvements sector.”
Other homewares retailers have suffered in the downturn, with Ilva and ScS both falling into administration in the last month.
Kroll has advised any concerned customers to contact 0121 380 5015.