400 jobs at risk as The Pier goes into admin

Published on Thursday 4 December 2008 09:05

AROUND 400 jobs are at risk after homewares retail chain The Pier today became the latest victim of the economic turmoil.

The group, which has 31 stores and 17 concessions across the UK - including a store in Edinburgh's George Street - has been placed into administration.

Joint administrators at Mazars said the retailer would continue to trade as normal while it seeks a buyer for the business.

The Pier employs around 350 staff within stores and 57 in its head office in Abingdon, Oxfordshire.

Rod Weston, partner at Mazars and joint administrator, said: "The company has encountered difficulties due to the harsh trading conditions associated with the current economic climate.

"While in administration, the business will continue to trade as normal. We are now reviewing options and are seeking a buyer for the business as a going concern."

The chain was founded in the UK in 1989, starting with one store in Richmond-upon-Thames, Surrey.

The Pier had recently made its first foray outside of the UK, with its first store opened in Reykjavik, Iceland, last November and an outlet opened in Riga, Latvia the same month.

However, the chain is not the only home furnishing firm to suffer amid the UK economic downturn and property slump.

Rosebys went into administration in September and MFI last week joined the list alongside Woolworths.