Oak Furnitureland, the UK’s largest retailer of quality solid hardwood furniture, has today announced that it is proposing to close 27 showrooms, putting some employees in the business at risk of redundancy.
On 15 June 2020, the company announced that, following a sales process conducted by Deloitte, it had been acquired by global investment manager, Davidson Kempner Capital Management LP, in a transaction that put the company on a secure financial footing for the future.
Also announced was that a strategic company-wide review would be undertaken. Whilst the business has stabilised since showrooms reopened – which is testament to the strength of the brand and the loyalty of customers – the retail environment coupled with current adverse trading conditions continues to be challenging, and it is expected that 27 of its 105 stores will potentially close.
Consultations with the landlords, and the 163 employees at risk of redundancy, begin today. All employees at the showrooms will have the opportunity to take part in the consultations and will have the full support of the company’s HR team.
Commenting on the announcement, Oak Furnitureland CEO 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 uniquely challenging times.
“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. Those employees affected have been informed and will be fully supported by our HR teams.”