It is claimed that “more than 1,800 jobs” are at risk at Carpetright.
The retailer has filed a notice of intention to appoint administrators as it scrambles to secure additional funding. Advisory firm PricewaterhouseCoopers (PwC) is lined up to handle the administration, though they have not yet been officially appointed.
The information for this article was sourced using the BBC. You can read the full story here
The company stated that it has “begun promising conversations with interested parties” and assured that its 272 stores will remain open for the time being. Orders will continue to be fulfilled, but refunds will not be provided. Instead, customers can opt for alternative products or arrange earlier deliveries.
Impact of the Cyber-Attack on Carpetright
Kevin Barrett, the head of Nestware Holdings, which owns Carpetright along with several other retailers, revealed that the company’s restructuring efforts were severely impacted by a cyber-attack in April. This incident has led the company to seek a period of protection while sale negotiations continue. Barrett emphasised that their primary goal is to minimise the impact on customers and employees.
Carpetright and Challenges in the Retail Sector
As one of the UK’s largest flooring retailers, Carpetright has also been grappling with declining customer demand. The retail sector, particularly for big-ticket items, has faced significant challenges as consumers prioritise everyday essentials.
Expert Insights on Carpetright’s Situation
John Cullen, a partner and insolvency expert at business advisory firm Menzies, remarked, “The issues facing Carpetright highlight the tough trading conditions in the retail sector. The cyber-attack was seemingly the final blow.” The company now has a 10-day window to find a buyer.
This isn’t the first time Carpetright has faced adversity. Six years ago, the company underwent insolvency proceedings to reduce costs, resulting in the closure of 81 stores after reporting a full-year loss exceeding £70m.
The announcement of its potential collapse follows news that the company has put itself up for sale. Founded in 1988, Carpetright opened its first store in Canning Town, east London, and enjoyed years of success, even listing on the London Stock Exchange in June 1993 before delisting in 2020. Today, the company offers not only flooring but also mattresses, curtains and blinds, garden furniture, and artificial grass.
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