Major homeware brand with 274 locations up for sale ‘putting stores at risk of closure’
A MAJOR homeware brand with 274 branches across the UK has been put up for sale by administrators leaving stores "at risk of closure".
Carpetright has drafted in accounting firm PricewaterhouseCoopers (PwC) to launch a formal sale process.
It is not yet known whether any potential bidders have expressed an interest to buying out the retailer.
However, sources have warned shops could close as part of the sale process, although this is not guaranteed to happen.
The appointment of PwC comes after Carpetright brought in restructuring experts Teneo to look at cost-cutting measures.
It was reported in April to be looking at several cost-saving measures.
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One of the UK's largest floorcovering retailers has struggled in recent months due to competition from rivals such as Tapi.
Tapi was founded by Martin Harris, the son of Lord Harris of Peckham, the Carpetright founder.
The retailer has opened dozens of shops nearby to Carpetright branches.
Carpetright reported revenues of £372.6 million in the 14 months to January 1, 2022, compared to £493.2 million in the 18 months to October 31, 2020.
The Sun has asked Carpetright for a comment.