Ashurst appointed in Land of Leather administration

Ashurst has landed the latest retail insolvency, having been called in by the administrators of Land of Leather.

The Kent-based company brought in Deloitte after three profit warnings in 2008 and disappointing sale figures in January.

Restructuring partner Giles Boothman is working with the administrators, backed up by head of restructuring Nick Angel.

Boothman said: “We have been adviser to the company for about six months as it was getting into a distressed situation.”

He said the team was committed to protecting customers who have orders with the collapsed furniture chain. Deloitte has said it has also received interest from bidders.

The company has 109 stores in the UK and Ireland and employs around 850 people.

Land of Leather is the latest in a string of High Street collapses, sparked by a slowdown in consumer spending.

MFI (27 October), Zavvi (12 January), Woolworths (27 November), Adams Childrenswear (12 January) and Whittard (12 January) have all fallen victim to the recession in recent months.

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