E&Y mobilised to save furniture chain
ScS Upholstery has appointed E&Y to restructure the struggling chain, while KPMG is waiting in the wings
ScS Upholstery (SCS) has appointed advisers at
Ernst
& Young (E&Y) to restructure the struggling sofa chain, while
KPMG is waiting in the
wings as administrators should they fail.
The appointments come after SCS shares plunged to an all-time low on the
disclosure that five of its sofa suppliers had their credit insurance removed,
Sunday Times reports.
SCS, which employs 1500 staff, is progressing well in negotiations with a
number of investors in an effort to obtain additional finance, according to
sources close to the company.
However, some investors who were approached are said to have rejected the
offer to invest.
Further reading:
KPMG lends Land of Leather hand on refinancing