bankrupt a year ago, the furniture brand returns with the opening of a store in England

By Emma Brother

Published ,

On its Instagram account, announced the opening of a 370 m store2 in the Meadowhall shopping center in Sheffield, England. Timon –

The company, known for its colorful velvet sofas, was bought last year by the Next group, which intends to improve its image.

Like a phoenix, reborn from its ashes. On November 27, on its Instagram account, the brand posted a video to announce the opening of a new 370 m store2 in the Meadowhall shopping center in Sheffield, England. In the photos of Retail Gazette the store is refined, with items that have made famous: colorful velvet sofas and tables with elegant lines.

The new store in the Meadowhall shopping center in Sheffield, England. Retail Gazette

The brand ensures that its customers can be delivered the next day or make a “click and collect» to get their furniture back. Online, its references are displayed with a price in pounds, and are, for the moment, reserved for English customers. If new products arrive next month, will also offer new items in fall 2024 with small decoration, rugs, cushions or mirrors.

Read alsoAfter Camaïeu and, San Marina stocks delight Noz customers

A slump

A few months ago, this transformation seemed unthinkable for The brand was placed in compulsory liquidation last November due in particular to problems in supply chains, long delivery times and a crisis in purchasing power which turned customers away from its products. The company, listed on the stock exchange and valued at 775 million pounds, then experienced a sudden reversal of fortune. found itself unable to deliver its furniture, leaving thousands of customers in the lurch. Founded in 2010, the company sold its products in the United Kingdom, but also in Switzerland, Belgium, Germany and France. When its bankruptcy was announced, some of the references were bought by the Noz brand, which resold them in its stores.

The intellectual property of the brand and its domain names were finally bought in November 2022 by the clothing store chain Next, at a knockdown price, for 3.4 million pounds. Around 400 employees were then laid off. It remains to be seen what Next’s strategy will be to extend its acquisition beyond the borders of the United Kingdom.

” data-script=”” >

Source link

Leave a Reply