Full list of 272 stores at risk with major retailer on brink of administration

Once a notice of intent to appoint administrators is filed, companies have around 10 days to attempt to avoid insolvency.It is understood that experts from PwC are set to be appointed as part of the process, who will seek to find emergency funding or a rescue buyer for the troubled business.

The floor-covering company has 272 stores across the country and employs 3,000 people
The floor-covering company has 272 stores across the country and employs 3,000 peopleCredit: Getty

The news today follows a tricky time for home improvement chains, both large and small.In April, a spokesperson for Carpetright told The Sun it was “not in planning” for another company voluntary arrangement (CVA), which it last filed in 2018 and resulted in the closure of 92 sites.Like with a standard administration process, a Notice of Intention stops creditors from taking out any legal action over a company while they try and rectify the business.The icon British chain, which was founded in 1988, brought in restructuring experts Teneo earlier this year to look at cost-cutting measures.

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Window and door specialist Everest called in administrators in April leaving customers in the dark about their ordersIn the spring, Kingfisher, which owns both B&Q and Screwfix, revealed annual profits slumped by more than a quarter.

England

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Why are shops closing stores?

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Furniture and homeware sales have slumped across the industry as consumers delay making big purchases and prioritise essential bills.A Notice of Intention is used to inform concerning parties that a company intends to enter administration.A sale of the business could involve a buyer stepping in to save all, or just parts of the company.The administrator has eight weeks to write a statement explaining what they plan to do to move the business forward.Last year, the group had previously cautioned profits would slip after a 36% drop in pre-tax profits from £1billion to £611million in the 12 months to January 2023.

What does going into administration mean?

Windows and doors company Safestyle collapsed into administration in October last year.

WHEN a company enters into administration, all control is passed to an appointed administrator.They try to stop the company from being liquidated (closing down), and if it can’t it pays as much of a company’s debts from its remaining assets.
The administrator has to leverage the company’s assets and business to repay creditors any outstanding debts.Carpetright, owned by Nestware Holdings, has suffered from weaker demand for carpets as homeowners shifted towards hard flooring and a major cyberattack in April that halted trading.The Sun exclusively reported yesterday that Carpetright had filed a notice to appoint administrators.But it puts fresh doubt over the long-term future of the chain, which has 272 stores and employs 1,852 people.Here’s a full list of Carpetright stores across the UK and Ireland that could be placed at risk:A lack of consumer spending in recent years and a rise in competition are thought to have caused problems for the brand.The Times also reported earlier this week that Carpetright had been put up for sale, with firm PricewaterhouseCoopers (PwC) advising.

The move doesn’t just leave all stores at risk but also puts 1,852 UK jobs in danger.If the company does collapse into administration the future of all stores remains uncertain.The retailer, founded by Lord Harris of Peckham in 1988, was taken off the stock market in 2019 by its biggest investor, Meditor.The company reported a 25.1% drop in underlying pre-tax profits to £568million for the year to January 31, 2024.A MAJOR British high street retailer has put all 272 of its stores at risk.

What else is happening to homeware chains?

Plus the recent turmoil in the housing market has meant that homeowners aren’t as focused on DIY projects as they once were.However, the Harris family became one of Carpetright’s biggest challenges as son Martin Harris launched a rival flooring retailer, Tapi, which increased competition.This must be sent to creditors, employees and Companies House and invite them to approve or amend the plans at a meeting.The company has a manufacturing site in Wombwell, near Barnsley and 42 sales branches and depots across the country.Carpetright will continue to trade as normal during this process.It is a physical document which is submitted to court, usually by directors aiming to prevent a company from being liquidated.Rival Wickes, also reported a 31% fall in profits to £52million on flat revenues of £1.55billion for 2023.Administrators write to your creditors and Companies House to say they’ve been appointed.

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Once a company enters administration, a “moratorium” is put in place which means no legal action can be taken against it.WE have seen several big losses in the last few years including popular discounter Wilko.

What other chains have collapsed in recent years?

It comes as shoppers have been cutting back on spending following the pandemic.

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