Carpetright: landlords, suppliers, and customers owed £80m following collapse
Carpetright’s landlords, suppliers, and customers have been left £80m out of pocket following the flooring retailer’s collapse.
According to documents, the retailer’s creditors, including Condor and AW Weavers, were owed around £24m at the time of its collapse, The Times has reported.
Carpetright also reportedly owes £30.9m to “other creditors”, including customers, and a further £15.6m to “other accruals”.
The documents showed that the retailer accrued a total of £81.7m in liabilities by the end of April.
Carpetright collapsed into administration earlier this month, before rival Tapi acquired the flooring retailer’s intellectual property, 54 of its stores, and two warehouses.
However, this has led to the closure of 218 stores.
Carpetright’s administrators PwC had appointed CBRE to sell 239 leasehold sites, including out-of-town stores, warehouses, and in-store concessions.
Carpetright – which has struggled with a downturn in trading over the last few years – went through a form of insolvency proceedings in 2018 resulting in the closure of a number of stores.
In April, it was reported that the retailer had drafted in advisers from Teneo as it looked to explore cost-cutting options.