Oak Furnitureland is proposing to close 27 showrooms, putting 163 employees at risk of redundancy.
On 15th June, the company announced that, following a sales process conducted by Deloitte, it had been acquired by global investment manager, Davidson Kempner Capital Management LP. While the business says it has stabilised since showrooms reopened, trading conditions continue to be challenging, and it is expected that 27 of its 105 stores may close.
Oak Furnitureland CEO Alex Fisher says: “The current proposal to close some showrooms forms part of a company-wide review that we are undertaking as a business. We are committed to driving forward a plan for our future growth, and although this has been a difficult decision, it is the right one for the business in these uniquely challenging times. We are confident that the decision will ensure we remain a competitive and dynamic choice for our customers.
"I would like to say thank you to all of my colleagues in every department who have been endlessly committed and patient during this process. Those employees affected have been informed and will be fully supported by our HR teams.”