Harveys goes into administration with 240 jobs lost and 20 branches at risk – Latest News

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It is feared hundreds of more employees could soon find themselves unemployed, as the company is the latest to suffer a downturn in sales due to coronavirus.

Bensons for Beds, is owned by Harveys’ owners, the Blue Group, which will also see around 50 of its outlets close, leaving between 150 and 175 people without jobs.

UK furniture chain Harveys is the latest to suffer a serious downturn in sales due to coronavirus, and has been called into administration, placing 20 stores at risk of closure

Up to 20 Harveys stores are at risk of closure if the administration process doesn’t go well

TM Lewin announced its plan to shut stores and switch sales online due to the pandemic

Furniture chain Harveys has been called into administration, placing 20 stores at risk of closure and triggering the 240 immediate job losses.

Blue Group formally appointed Price Waterhouse Coopers as administrator on Tuesday, and has began negotiations.

Up to 20 Harveys stores are at risk of closure if the administration process doesn’t go well for the Blue Group.

The decision follows a restructure of the business, which will “leave behind the underperforming part,” Alteri Chief Executive, Gavin George said.

“Existing orders will be delivered as communicated.”

In a statement, Harveys said: “We’re putting our feet up for a while and currently not taking any new orders.

Post-coronavirus restructuring like Blue Group’s decision is expected in the coming months, and earlier today TM Lewin announced its plan to shut stores and switch sales online due to the pandemic.

TM Lewin’s Chief Executive Sven Gaede stepped down following the sale to SCP.

Torque Brands bought TM Lewin in May from private equity owner Bain Capital, which had acquired the brand in 2015.

The menswear brand has 66 shops in the UK and more than 150 worldwide across Australia, the United States and Europe.

In a statement, Resolve, which has been hired to restructure the business, said: “This acquisition secured the future of the brand at a time of unprecedented uncertainty within the retail sector.”

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