United Carpets floored by crisis

Published on 25/08/2012 00:00

Shares in United Carpets were suspended from trading yesterday as the troubled retailer announced it was closing six stores following “very challenging” conditions.

The Rotherham-based firm, which ran 85 stores across the Midlands and northern England, also said 17 franchised outlets were either being taken back into the group or refranchised, and it was speaking to landlords in a bid to have its rents reduced.

As a result of the review, the firm will take a £1 million hit and has been forced to spend trading of its shares on Aim because it will not be able to publish its annual results before a 30 September deadline.

A spokesman said the company was confident that the stores remaining after the review “will be able to operate successfully on an ongoing basis”.