Furniture retailer Multiyork has tumbled into administration, leaving the future of its 50 stores and 547 staff hanging in the balance.
The business, which was founded in Suffolk in 1978, has appointed Duff & Phelps as administrators.
In a statement, Duff & Phelps said it would continue to trade the business while attempting to find a buyer.
Multiyork’s existing management team will remain in their roles during the process.
Joint administrator Allan Graham said a review of all orders placed up until November 22 was now underway, but insisted it was their intention to complete all orders.
Duff & Phelps said it would contact customers who have placed orders “shortly” with further updates.
Graham said: “Trading conditions for UK retailers continue to be difficult due to a number of factors including economic uncertainty, rising commodity prices, increasing business rates and the fall in value of the pound, which has increased the cost of importing raw materials and products.”
He added: “The British Retail Consortium has been reporting that real consumer spending power has been on a downward trend in the last year as the acceleration in inflation has caused shoppers to become ever more cautious in considering what purchases they can afford.
“Many now face higher borrowing costs, given the rise in interest rates, which will only serve to heap further pressure onto household finances.
“This has impacted certain sectors particularly hard and as a result of trading losses, Multiyork could no longer meet on-going liabilities.”
Multiyork forms part of the Wade Furniture Group, which also owns beds maker Feather & Black. The two brands are run as separate entities and the administration does not include the bed maker.
Owner Charles Wade reportedly put both furniture retailers up for sale last month.
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