Land of Leather becomes latest casualty as it appoints administrator

12th January | retail | Leather sofa chain Land of Leather is in administration. The appointment of Deloitte as administrators follows the suspension of its London Stock Exchange shares this morning. The firm said in a statement that it was debt free, and that during the past year it had 'vigorously explored every available option to obtain working capital facilities for the business.'

However, it went on to say that it had been unable to secure additional funds due to the exceptionally difficult trading conditions and the lack of liquidity in the banking system. The firm blamed the credit crunch and subsequent consumer downturn for its failure and said that its January sale had been very disappointing. It added that steps had been taken to protect consumer deposits.