Multiyork collapse puts 550 jobs under threat

Multiyork collapse puts 550 jobs under threat

Multiyork, the furniture retailer, has gone into administration, putting 550 jobs under threat.The retailer will trade until Christmas at the earliest while administrators Duff & Phelps seek a buyer. Multiyork will honour all existing orders placed until 22 November and customers will be contacted by the retailer.The chain employs 547 staff in 50 stores and a manufacturing site in Thetford, Norfolk. Employees were told of the collapse on Wednesday afternoon and the management team will stay in place. “Multiyork is still open for business, still trading – it’s very early days for the administration,” a spokesperson for Duff & Phelps told the BBC.”We’re really hopeful we can find a buyer.”The administrators said that the 39-year-old upholstered furniture retailer had been affected by difficult trading conditions.”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,” said Allan Graham, a joint administrator at Duff & Phelps. “This appears to be leading to a sharp fall in consumer confidence and less money being spent on discretionary items.”Multiyork has gone into receivership once before and was bought out by the Wade Group in 1995.
Source: BBC News

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