The furniture chain, which has three stores – in Lakeside, Manchester and Gateshead – was put into administration on Wednesday, as exclusively revealed by RW Online. The decision came only two years after its high-profile launch in the UK and less than a year after its sale to Icelandic retailer Lagerinn. Poor trading was blamed for forcing a “strategic withdrawal”.
Peter Saville, Simon Appell and Anne O’Keefe, partners at Kroll’s corporate advisory and restructuring group, have been appointed joint administrators. As Retail Week went to press, Saville said it was “business as usual” for the stores.
He added: “The trading environment for all retailers is particularly tough at present, but we are continuing to trade the business as a going concern. These stores have a strong brand identity and are situated in excellent retail locations.
“Although the retail sector as a whole is facing challenges, there are still many opportunities to succeed. We will be assessing the options for the business in the coming weeks.”
Ilva’s retreat came amid continued uncertainty over the future of fellow furniture retailers, most notably ScS. Land of Leather managed to secure an emergency refinancing deal last week.