Flooring chain Flooring Superstore is considering restructuring the business, which could see landlords significantly lower rents or store closures, according to reports.
The Times has reported that the 50-store group has appointed Begbies Traynor and the restructuring division of Santander to explore options, which are said to include a CVA or administration.
Such a move would be in sharp contrast to co-founder Dan Foskett’s ambitions as recently as the end of last year. Then he told The Times that plans included steadily opening as many as 150 stores across the country and strengthening the brand’s marketing to make it a household name.
Connection Retail Limited, the retailer’s parent company, saw sales fall from £51.8m to £49.3m in the year to the end of July 2024, although a pre-tax loss of £3.3m became a profit of £619,000. It had net debt of £3.5 million.
No company has commented.
