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14/08/2009
Housing Slowdown Closes Allied Carpets
National chain Allied Carpets is to make 850 people redundant after going into administration and closing 142 stores.
Three stores in Northern Ireland are being hit, at Coleraine, Bangor, and Lisburn.
Administrator BDO Stoy Hayward said it had not been able to sell the 142 outlets because of retailers' "struggle" in this economic climate.
The company went into administration after the housing slowdown saw demand for carpets and flooring drop.
In July, the firm sold 51 of its 217 stores and its insurance inspection business, which saved 400 jobs.
But this represents less than a third of the original 1,500-strong workforce employed by Allied Carpets.
Other stores closing include those in East Kilbride, Falkirk, Dundee, Great Yarmouth, Brighton, Oxford and Swansea.
"Although we have had a strong level of initial interest in the portfolio, the common concern has been around the lack of visibility of future turnover," said Dermot Power, Business Restructuring Partner at BDO.
(BMcC/KMcA)
Three stores in Northern Ireland are being hit, at Coleraine, Bangor, and Lisburn.
Administrator BDO Stoy Hayward said it had not been able to sell the 142 outlets because of retailers' "struggle" in this economic climate.
The company went into administration after the housing slowdown saw demand for carpets and flooring drop.
In July, the firm sold 51 of its 217 stores and its insurance inspection business, which saved 400 jobs.
But this represents less than a third of the original 1,500-strong workforce employed by Allied Carpets.
Other stores closing include those in East Kilbride, Falkirk, Dundee, Great Yarmouth, Brighton, Oxford and Swansea.
"Although we have had a strong level of initial interest in the portfolio, the common concern has been around the lack of visibility of future turnover," said Dermot Power, Business Restructuring Partner at BDO.
(BMcC/KMcA)
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