Multiyork begins orderly wind down
Troubled furniture retailer Multiyork is to begin a process of orderly wind down with the loss of 112 jobs at its headquarters and manufacturing facility although its administrators are continuing to seek a buyer for the business.
The Norfolk based company, which has 50 retail stores nationwide, entered administration last month after it could no longer meet its ongoing liabilities. The move put 550 jobs at risk.
Allan Graham, joint administrator at Duff & Phelps, said: “Despite considerable effort from both the administrators and the senior management team at Multiyork, it has not been possible to agree a sale of the entire business yet. While we recognise that there were some offers made, they were not at a level that either produced an acceptable outcome for the company’s stakeholders or could guarantee the future stability of the business.”
He added: “We will continue efforts to sell all – or parts of – the business; but during this period of managed wind down, the process of selling in-store display items and other business assets will begin. We will also continue to fulfil customer orders.”
