After weeks of speculation, it has been announced that furniture retailer Dwell has ceased trading. The retailer has closed its 23 stores and House of Fraser concession, and – as things stand – will not honour outstanding customer orders.
Dwell had recently enlisted the help of adviser Argyll Partners to help find a buyer for the company, however, with no investment forthcoming, it has become the latest retail casualty on the high street.
“The business had been working with its advisers to secure further working capital for the business, and was actively in the process of talking to a number of interested parties who saw the value of the Dwell brand, its products, its customer base, and its multi channel proposition,” a spokesperson commented.
“Despite this, interest did not progress [and] as a result we have been left with no option but to close the business with immediate effect.”
In its most recent annual results, covering the 12 months to 27th January 2012, it was revealed that Dwell’s pre-tax losses had expanded from £439,721 to £1.69m.