PwC takes charge at ailing furniture chain
70 staff employed at 13 stores
Administrators from PricewaterhouseCooper have stepped in at retail furniture
chain Furniture Express following attempts to restructure the business failed.
Roger Marsh and David Walker were appointed joint administrators on 4 October
FX has a network of 13 stores, the majority of which are located across
Northern England, with its headquarters in Sunderland, Tyne & Wear
FX, which has an annual turnover of approximately £13m, was acquired by its
management team following the administration of DP Furniture Express in 2005.
Administrator Roger Marsh commented: ‘Since the buy-out in 2005 the directors
and management of the company have attempted to restructure the business to cope
with what has become an increasingly competitive market. Unfortunately, the
costs of restructuring and altering the business model, together with a
deteriorating retail market, has led the directors to conclude the company does
not have sufficient funds available to it to support ongoing operations.’