Land Of Leather Goes Into Administration

Furniture retailer Land of Leather has called in administrators after attempts to sell the firm failed.

Accountancy firm Deloitte has been appointed by the Kent-based firm after efforts to secure additional funding and sell the business were unsuccessful.

The 109-store retailer - which employs 850 people - blamed lack of consumer spending on 'big ticket' goods and "exceptionally difficult trading conditions" for their "very disappointing" January sales figures.

The announcement came after the company requested a suspension in trading in its shares.

"The Land of Leather stores will continue to trade as normal, while the administrators continue to talk to interested parties with a view to concluding a sale of the business as a going concern," Lee Manning, Joint Administrator and Partner at Deloitte said.

"The administrators are working closely with the management to protect the interests of customers who have paid deposits on furniture orders."

Meanwhile, logistics company Wincanton said it would axe 1,000 jobs from two sites in Manchester and Glousester through a merger with Culina.

The company that makes Findus's frozen foods in the UK has also announced its collapse, putting 420 jobs at risk.

More bad news for the construction sector was unveiled today, as JCB announced it would make a further 684 people redundant across its UK factories.

A lack of available credit from the banks, meaning customers could no longer afford to purchase new diggers or other equipment, was blamed for the losses.

The job losses at the Staffordshire-based firm come in addition to 1,000 jobs cuts made last year. The company said its total business was down 75% on the same period last year. In October staff voted for a shorter 34-hour week to protect jobs.

(JM/BMcC)