UPMARKET furniture chain Multiyork has gone into administration, putting 550 jobs under threat.
The retailer which has 50 stores including outlets in Winchester Road, Southampton and Jewry Street, Winchester will trade until Christmas while administrators Duff & Phelps seek a buyer.
The Norfolk-based firm, founded in 1978, will honour all existing orders placed before November 22.
Staff were told the news on Wednesday afternoon and the management team will stay in place.
Administrators Duff & Phelps said a combination of factors including economic uncertainty, rising commodity prices, increasing business rates and the fall in value of the pound, which had seen the costs of material increase, had caused the collapse.
Multiyork has gone into receivership once before and was bought out by the Wade Group in 1995.
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