Land of Leather goes into administration

The 109-store retailer blamed lack of consumer spending on bigger ticket goods which had led to very disappointing January sales.
Land of Leather said in a statement that the company, which is debt free, had been unable to secure additional funds due the exceptionally difficult trading conditions and the lack of liquidity in the banking system.
"In addition, the Board has pursued other strategic options including the sale of the Company as a going concern," the company said, adding: "The board has taken all the necessary steps to ensure customers who have paid deposits for furniture are protected

Another one bites the dust...

seems to me wayside predicted this one in another thread

The bottom line is people have said for months how can they sell suites at those prices and the answer is they can't it was just a matter of time when there cash flow ran out and the bills caught up with them.

Many others will follow soon, next week is the biggest furniture show of the year at the NEC there are about 35% less exhibitors this year and many big names are absent because they just cant afford to exhibit.