Administrators from PricewaterhouseCoopers have announced that manufacturing
at Stag Furniture will cease within a number of weeks and steps will be taken to
close down the company’s site in Sunderland.
Joint administrators, Ian Green and Edward Klempka, said the closure would
result in the redundancy of all 372 remaining employees at the company.
Over the last three years total losses at the company have exceeded £10m and
the management team which took over the business nine months ago has been
struggling to improve financial performance in ‘very difficult market
conditions’, the administrators said.
Since 14 February 2006, Green and Klempka have been unable to find a buyer of
the business despite intensive marketing.
Green said: ‘Due to a combination of circumstances, we have been unable to
find anyone prepared to buy the business and assets, either in part or in whole,
and, in the light of the level of continuing losses, we are left with no
alternative but to announce the closure of Stag.’
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