Over half of Carpetright’s stores at risk in Tapi takeover deal
Over half of Carpetright’s estate is located in close proximity to a Tapi Carpets store, casting doubt over how many branches will remain open should a rescue deal from its rival go through.
Of Carpetright’s 270-strong estate, 152 stores are located within six miles of a Tapi, according to research from Retail Week.
This comes after Tapi emerged as a frontrunner to acquire its rival, which had confirmed that it had filed a notice of intent to appoint administrators, with PricewaterhouseCoopers (PwC) lined up to handle the process.
The retailer said it had taken the measure whilst it works to “secure the long term future of the company”.
Carpetright pointed towards “financial pressures” following a software attack in April which impacted sales and plans to restructure. The retailer said this has resulted in it seeking a period of protection whilst sale negotiations proceed.
Carpetright said it will continue to operate all stores and services and continue to fulfil all orders and fitting appointments as scheduled.
Tapi’s prospective acquisition of Carpetright would likely be delivered through a pre-pack administration.