Oak Furnitureland are to close 127 stores in a restructuring programme after they were rescued in a pre-pack administration deal, which will put 163 at risk.
The hardwood furniture retailer was acquired by global investment manager Davidson Kempner Capital Management, following a sales process by Deloitte.
The retailer have said that they will close 27 stores out of 105 as trading conditions have been “challenging.”
Oak Furnitureland chief executive officer Alex Fisher said, “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.”
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