Carpetright, Largest Flooring Retailer in UK, at Risk of Default

Purfleet-on-Thames, UK, July 15, 2024-"Carpetright, one of the UK’s biggest flooring retailers, has filed a notice of intention to appoint an administrator, putting 1,800 jobs at risk as it races to secure extra funding,” reports The Guardian.

“The company filed the notice with the high court to appoint administrators while it worked to finalize new investment to protect its long-term future.

“The move gives the company ten days protection from creditors while negotiations continue and Carpetright tries to secure a future for its 272 stores, which employ 1,852 people in the UK. The retailer will continue to trade.

“The retailer has been struggling in recent months as consumers cut back on spending on furniture and furnishings due to the lackluster economy and the cost of living crisis.

“Carpetright also was hit by a cyber-attack that disrupted trade in April and subsequently affected its plans to restructure.

“Carpetright is one of the largest flooring retailers in the UK and is part of Meditor Group, a hedge fund, after being sold in 2019 for £15m.”