Businesses across all categories, from retailers to hospitality, have been hit hard by the coronavirus pandemic, with many closing their doors permanently.
And following in the steps of Boots, John Lewis and Pret a Manger, British furniture retailer Oak Furnitureland has announced it will be closing 27 branches across the UK.
This is everything you need to know.
Oak Furnitureland closing branches
Oak Furnitureland has revealed that it will be closing 27 of its 105 stores - putting 163 jobs at risk.
On June 15, the brand was acquired by global investment manager Davidson Kempner Capital Management following a sales process by Deloitte.
At the time of this deal, the new owners had announced their plans to launch a strategic review into Oak Furnitureland operations in order to secure its financial position.
It was said that the businesses had “stabilised” since showrooms reopened following the easing of lockdown rules - but that closures would have to be enforced as a result of the current retail environment.
Oak Furnitureland chief executive officer Alex Fisher said: “The current proposal to close some showrooms forms part of a company-wide review that we are undertaking as a business.
“We are committed to driving forward a plan for our future growth, and although this has been a difficult decision, it is the right one for the business in these unique challenging times.”
What stores are closing?
In reference to store closures, Fisher said: “We are confident that the decision will ensure we remain a competitive and dynamic choice for our customers.
“I would like to say thank you to all of my colleagues in every department who have been endlessly committed and patient during this process.”
These are the stores that have been described as “at risk”.
- Brent Cross
- Leeds Crown Point
- Merry Hill
- New Malden
- Southend on Sea
- Sutton in Ashfield
- Weston Super Mare
- Chippenham (clearance store)
- Cardiff (clearance store)
- Cumbernauld (clearance store)
- Bath (clearance store)
On the Oak Furnitureland website, it’s explained that the showroom in Newport will remain open, but “will be converted to a clearance store”.
The website states: “The showroom consultation process and proposed closures will take a few weeks.”