The disclosure follows news earlier this week that suppliers to rival retailer Land of Leather had also been refused coverage as the consumer downturn hits big-ticket retailers.
ScS did not name the insurer concerned, but said: “Following the publicised withdrawal or tightening of credit insurance terms for the furniture retail sector, the company has been notified that one company has withdrawn credit insurance for ScS, affecting the working capital facilities of some of our principal suppliers.
“ScS is in discussions with each of the suppliers affected and is continuing to trade with them in the normal course of business while various financing options are being reviewed.”
The retailer said it would update further on the situation “as appropriate”.
No comments yet