News: Fabric Warehouse enters administration
Retail Week reports that Rotherham based homewares retailer Fabric Warehouse has gone into administration. The Rotherham business, which sold fabrics, ready-made curtains and other homewares, traded from 31 stores across the UK has its headquarters at Hellaby Industrial Estate. Neil Bennett, a director at Leonard Curtis, has been appointed as administrator and has sold 10 Fabric Warehouse stores to Calderia Retail, as well as the stock from a further 16 stores. Calderia will also take on the responsibility of completing customer orders in 21 stores. Administrator Neil Bennett said: "By late last year the business was already in difficulties, due, in the view of the directors, to consecutive interest rate rises and a challenging retail environment and the business in its current form became unsustainable." In October, the company instructed restructuring firm Hilco to examine a potential refinancing in an effort to raise funds for a concession assault. Fabric Warehouse was bought by The Furnishing Place from the Homestyle Group in 2004 along with sister company, Roseby's. Roseby's was subsequently sold to the Indian firm GHCL in 2006. In the year to April 2007, Fabric Warehouse had a turnover of about £25 million. Last week, The Yorkshire Business Insider reported that Roseby's had agreed £10m of working capital facilities through asset-based lender Burdale secured against stock.Fabric Warehouse website
Retail Week article
Rotherham
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