Harveys Furniture has gone into administration as it fails to find a buyer.
240 jobs have been immediately lost whilst 1,300 others are at risk. Harveys’ sister chain, Bensons for Beds was also put into administration, though it was bought out in a pre-pack administration by its private equity owner, Alteri Investors..
Administrators from PwC are looking for a buyer, which includes the purchase of its 20 stores and three manufacturing sites.
For now, its stores continue to trade but those in the industry believe a buyer is unlikely to be found.
Zelf Hussain, joint administrator at PwC said: ‘’the group had been facing increasingly challenging trading conditions in recent months, in particular Harveys furniture business. This has resulted in cashflow pressures, exacerbated by the effects of coronavirus on the supply chain and customer sales. It has not been possible to secure further investment to continue to trade the group in its current form.”