About 192 workers at the U.K.'s Floors-2-Go-one of the UK's biggest wood flooring retailers-were laid off Thursday after the company went into "administration" the previous day, according to the Telegraph. The move is similar to the U.S.'s Chapter 11 bankruptcy proceeding.
About 192 workers at the U.K.'s Floors-2-Go-one of the UK's biggest wood flooring retailers-were laid off Thursday after the company went into "administration" the previous day, according to the Telegraph. The move is similar to the U.S.'s Chapter 11 bankruptcy proceeding.
At first, 354 jobs were at stake; however, the company's appointed administrator sold 35 store outlets to an outfit called Nixon & Hope, which is led by two former Floors-2-Go managers: David Vizor and Parjinder Sangha.
The Telegraph reports that remaining customer orders are expected to be filled by Nixon & Hope, and that Floors-2-Go creditors should be repaid in full.
"Clearly the recession has played a big part in the company's fall; [product] turnover was dramatically reduced over the past few months," said Administrator Ian Pankhurst. "With the current financial predicament, less people are buying wooden floors. They are seen as luxury items."
