Land of Leather has gone into administration this afternoon.
Deloitte, the business advisory firm, has been appointed as administrator to the furniture retailer.
Land of Leather operates from 109 retail stores across the UK and Ireland, and has a head office in Kent.
The company’s directors had been seeking to either raise working capital facilities or sell the business following challenging trading conditions. Its shares were suspended this morning.
Lee Manning, joint administrator and partner at Deloitte, said: ‘The Land of Leather stores will continue to trade as normal, while the administrators continue to talk to interested parties with a view to concluding a sale of the business as a going concern.
‘The administrators are working closely with the management to protect the interests of customers who have paid deposits on furniture orders.’