furniture depot

linny

looks like another funiture chain bites the dust funiture depot kilkenny ltd

www.irishtimes.com, Updated: 12/03/2010
Liquidator appointed to furniture chain



Irish Times Latest News
The High Court has appointed a provisional liquidator to a furniture company that is insolvent mainly due to the downturn in the retail trade.

Furniture Depot Kilkenny Ltd has five outlets based at Carrickmines, Dublin; Tullamore, Co Offaly; Naas, Co Kildare; Kilkenny; and Waterford. The company has liabilities over assets of €2.2 million but that figure, in a winding up situation, would rise to almost €4 million, the court heard.

Gary McCarthy, for the directors of the company, said it was formed in 2003 and had rapidly expanded. It had suffered a modest loss of around €205,000 in 2008 but, despite radical costs restructuring, had a loss in its draft accounts for 2009 of more than €1.8 million.

The company was “another casualty of the downturn in the retail business,” counsel said. Efforts to secure refinancing through Bank of Scotland Ireland and the company’s biggest supplier had not proven fruitful.

If a provisional liquidator was appointed, he could continue to trade and ensure customers who had paid deposits on furniture could receive their orders, counsel said.

The liquidator could also examine the possibility of selling some of the outlets and provide security for those, Mr McCarthy added. It was hoped this would avoid a repeat of an incident last year when the company closed an outlet in Clonmel and the landlord seized €40,000 worth of stock, taking the keys to the building with him.

Ms Justice Mary Laffoy appointed Mr David Van Dessel, of Kavanagh Fennell, as provisional liquidator.

Captain Havoc

I should be dancing with joy a large competitor has tumbled but having been in the same situation this time last year I'm not getting any satisfaction and hope the employees get on their feet soon.

linny

the way things are going the retail parks will be empty soon, good thing kilkenny didnt go mad building them like some neighbouring places, they lok awful when left empty

Ollchailin

I got furniture from there around 6 months ago, and only was able to afford their stuff because they'd completely slashed their prices- they used to be CRAZY expensive, and even with the reductions were steep enough. I got some really gorgeous stuff there that was different to most other furniture shops (I nearly went mad looking at the same stuff everywhere else & was looking for a few unique things) so it's a pity to see it closing.

As I said though, they were way too dear & people just can't afford that anymore.

loue39

anyone know what happens when a deposit was left for a wardrobe and it was supposed to be delivered today but now its closed it tells me to contact liquidators, also on the window it says all furniture to be collected will be contacted today this is the naas branch.

i know they wont deliver but what happens now do i just say goodbye to ever getting my money back.

PhilipMarlowe

In the OP, it says "If a provisional liquidator was appointed, he could continue to trade and ensure customers who had paid deposits on furniture could receive their orders, counsel said."

Contact them on Monday morning if the store isn't open.

Captain Havoc

When this happened to where I was last year, if you paid your deposit with credit card it's usually guaranteed, if it's cash as Licksy said you'll have to contact the administrator on Monday.

ergonstein

i work (or worked) for Furniture Depot. I was working on Friday when men walked into the shop, shut the doors and changed the locks. The staff had no idea any of this was happening. We wer all so shocked, upset and angry at the same time. I feel so bad for anybody that has left deposits. We sold the furniture in good faith and now ppl r left wittout and all the staff witout jobs. We will know more on Monday wen we meet the administrator. I will update with any news.

91011

As its a provisional liquidator, there will be a brief examination oft he books to see if there's any hope of keeping some or all of the outlets open.

Also, it can't be sure at this stage whether or not deposits are safe or not.

Fingers crossed.

EKRIUQ

91011 wrote: »

As its a provisional liquidator, there will be a brief examination oft he books to see if there's any hope of keeping some or all of the outlets open.

Also, it can't be sure at this stage whether or not deposits are safe or not.

Fingers crossed.

Possibly, but with the nature of the business and the current economy it could be difficult. I'm guessing Furniture depot lease all there premises and vehicles which wouldn't look good for the company assets which will determine whether the shop's reopen.

Trisha Cleere

I had furniture fully paid for in Kilkenny store, €3329! got a phone call last monday wk sayin that they couldn't get my items and that they were sending out a bank draft for full refund of my money. Called in on the thursday because the draft never arrived, girl told me it was sent and it should arrive the following day! no sign of anything in the post so i rang and the liquidators had just arrived in and closed the shop!
Im so annoyed, ive been lied to and made a fool out of! im not in a financial position to loose this amount of money!
We paid by cheque which was cashed on the 31st december!
I've been ringing the wexford office but the girls there don't know whats happening, only taking names and numbers! its shocking to think the directors of the company let their business go this far when they were in trouble!
I would like to get the names of the directors of this company because what they have done is fraud, they knew that their company was in trouble and continued to trade.

damian hunston

they are selling off everything from the six outlets at 10.00am on sat 30th just read a ad on sun indo we will have to go down the media route now starting in the morning no more lies we want our money back

fabbydabby

Trisha Cleere wrote: »

I would like to get the names of the directors of this company because what they have done is fraud, they knew that their company was in trouble and continued to trade.

You can all that info on sites such as www.solocheck.ie and cro.ie. You can also see who their domain is registered to. T'internet is great isn't it?

I'll PM the names to you if your really want me to. I don't want to ruffle anyone's feathers, but that info is available in the public domain anyway for future reference.

sundula

I recieved a letter which from Twincob Ltd. which said as a previous customer i was invited to a closed sale at Wexford branch tomorrow and Thursday and then open to public for the rest of weekend. I rang the wexford number listed on the furnture depot website to get more info. This number now goes to the liquidator - the girl that answered the phone said that this 'massive clear out sale' as advertised in papers has nothing to do with the liquidator.

Funny setup if the directors / owners are get one last big bang to make cash and dump stock. I had presumed from reading ad's in the press and the letter i recieved that it was the liquidator that was clearing the stock.

I wonder why is this company really closing ?

Trisha Cleere

sundula wrote: »

I recieved a letter which from Twincob Ltd. which said as a previous customer i was invited to a closed sale at Wexford branch tomorrow and Thursday and then open to public for the rest of weekend. I rang the wexford number listed on the furnture depot website to get more info. This number now goes to the liquidator - the girl that answered the phone said that this 'massive clear out sale' as advertised in papers has nothing to do with the liquidator.

Funny setup if the directors / owners are get one last big bang to make cash and dump stock. I had presumed from reading ad's in the press and the letter i recieved that it was the liquidator that was clearing the stock.

I wonder why is this company really closing ?

I too received this letter, they can say what they like at this stage, we have it in black and white, they are involved and im not letting this go! To think they can leave customers like us out of pocket and without any furniture and try to resell our goods to some else!

sundula

I find it strange the liquidator would not have taken control over all stock in the business.

Did they move stock outside of the business ? It would appear that money generated from this sale will be not going to cover debts of the business, ie. customer deposits, landlords, suppliers etc.

Trisha Cleere

They did take control of all the stock and i was told that if my items were there i would get them, now they're changing their story. Its a disgrace if they can get away with treating people like this! i've fully paid for my items, im sure im not the only one who has, so i think if they're is furniture there then customers should be looked after!

Dymo

sundula wrote: »

I find it strange the liquidator would not have taken control over all stock in the business.

Did they move stock outside of the business ? It would appear that money generated from this sale will be not going to cover debts of the business, ie. customer deposits, landlords, suppliers etc.

They did take control but there job is to gain money from the assets so they passed on the selling of the goods to another company whose job is to sell the goods and the proceeds of the sale goes to the liquidator less there costs. This way the liquidator can say he has nothing to do with the sale of the goods only the creditors.

sundula

I see that would make sense. The girl on the phone at the liquidators was so dismissive of my query i got the impression they had nothing at all to do with this sale, had she explained like you then it would have been clearer and made more sense to me.

Trisha Cleere

They won't admit to us that they have anything to do with the sale because then they would have to give us our items of furniture which they are trying to RE-SELL.
I've been dismissed on several occasions from both the Furniture depot and Kavanagh Fennell, they don't care as far as i can see, they are quiet happy to use my money to pay the revenue or someone else! Its a disgrace, im so annoyed over all of this and the way we have been treated!

sundula

I wonder what kind of response the sale will get ?

damian hunston

i read a piece in the the killkenny people that a rep of the company said in high court that they could give back deposits to all customers.plus the naas shop had a notice to collect all outstanding orders on the 12 apr the furniture depot said i was misinformed but it is still in the shop window.:mad:

loue39

i was just on the phone with kavanagh fennell liquidators

they told me all the stock that was fully paid for is in a warehouse in wexford also i was told that the man who was owed all this money by furniture depot made an agreement to sell all the stock in a sale but shouldnt have advertised under furniture depots name. this is all lies i dont believe a word of it. ever since this happened i have it up to my eyes with the lies i have being told.

finally i was basically told i wouldnt be getting any money back , i fully payed for a wardrobe and cant afford to just throw this money away and receive nothing for it. i will be standing at the door saturday morning at 10:00 but not to buy anything ill be demanding either a wardrobe or money

91011

loue39 wrote: »

i was just on the phone with kavanagh fennell liquidators

they told me all the stock that was fully paid for is in a warehouse in wexford also i was told that the man who was owed all this money by furniture depot made an agreement to sell all the stock in a sale but shouldnt have advertised under furniture depots name. this is all lies i dont believe a word of it. ever since this happened i have it up to my eyes with the lies i have being told.

finally i was basically told i wouldnt be getting any money back , i fully payed for a wardrobe and cant afford to just throw this money away and receive nothing for it. i will be standing at the door saturday morning at 10:00 but not to buy anything ill be demanding either a wardrobe or money

Kavanagh Fennell are one of the leading liquidators in the country and the MUST follow precise procedure in their liquidations and report every six month to the office of corporate enforcement. Yoiu as a creditor can get access to these reports at the end of the liquidation as the reports are also filed with the companies office.

Prior to seling the furniture that was in the warehouse, they would have had to check that none of the pieces had paymanets made against them or were belonging to furniture companies that had supplied the product but who also had not been paid.

Its unfortunate but the recession hit these types of retailers very hard.

loue39

91011 wrote: »

Kavanagh Fennell are one of the leading liquidators in the country and the MUST follow precise procedure in their liquidations and report every six month to the office of corporate enforcement. Yoiu as a creditor can get access to these reports at the end of the liquidation as the reports are also filed with the companies office.

Prior to seling the furniture that was in the warehouse, they would have had to check that none of the pieces had paymanets made against them or were belonging to furniture companies that had supplied the product but who also had not been paid.

Its unfortunate but the recession hit these types of retailers very hard.

it not only hits the retailers it hits the customers aswell i cant afford for furniture depot just to take my money and not even dream about giving it back. i might aswell have just thrown the €1,000 out the window. why do they have the right to keep my money?

once its fully paid for i am entitled to the furniture especially as i was promised it would be delivered 2 weeks prior to the shop closing down. why should i be out of pocket because they are in trouble.

damian hunston

we have 2 contact media asap legal route will take too long,i didn,t lose my deposit i was robbed of my money i want three things 1. my money returned in full to me,2. i will pay the balance for my sofa 3.a credit note for the amount that was taken from my account as a deposit on a item that was never ordered in the first place by the company:mad:

91011

loue39 wrote: »

it not only hits the retailers it hits the customers aswell i cant afford for furniture depot just to take my money and not even dream about giving it back. i might aswell have just thrown the €1,000 out the window. why do they have the right to keep my money?

once its fully paid for i am entitled to the furniture especially as i was promised it would be delivered 2 weeks prior to the shop closing down. why should i be out of pocket because they are in trouble.

Unfortuantely that's the risk when you pay a deposit. I hate that system myself and much perfer to poay and takeaway the same day.

The problem with the the days of people free spending was people could set up what were in efefct furniture showrooms - they took orders then placed the orders with factories and delivered them 3 months later. Normally it would be a no lose situation, but rents of €200,000+ for a shed ina retail park meant that once the maket bombed this sales model very very quickly became a big loss maker.

The stores that stocked furniture for you to takeaway charged a bit extra because they took the risk on stock.

If its any consolation Harvey Norman are having a weekend sale this weekend ion their warehouse in tougher business park in naas (NOT in their store, but in their warehouse) - I got a solid wood table for €29 last month (there was a scratch on it:rolleyes:) - might be worth a look if your anywhere close to Naas.

Dymo

damian hunston wrote: »

we have 2 contact media asap legal route will take too long,i didn,t lose my deposit i was robbed of my money i want three things 1. my money returned in full to me,2. i will pay the balance for my sofa 3.a credit note for the amount that was taken from my account as a deposit on a item that was never ordered in the first place by the company:mad:

What are the media meant to do? you can't get blood out of a stone. I've read how much furniture depots debt is and the liquidation costs could be up to 100 thousand. You might as well face facts your money is gone. Furniture Depot are doing everything right by the law, sure you can sue the company but that's only going to cost you more and the company has no assets.

The problem with the the days of people free spending was people could set up what were in efefct furniture showrooms - they took orders then placed the orders with factories and delivered them 3 months later. Normally it would be a no lose situation, but rents of €200,000+ for a shed ina retail park meant that once the maket bombed this sales model very very quickly became a big loss maker.

Exactly, Land of leather, Classic Furniture and Furniture Depot in Kilkenny all worked like that and where are they now?

whitestag13

i heard on kilkenny radio this morning that there are people with deposits down and are struggling to get a refund

Continental

We also bought a wardrobe in Furniture Depot which my 'dear husband' decided to pay in full (which made me really nervous but I could not say anything!) Well, surprise, company went into liquidation and now we have no wardrobe and no money. I have tried a few times to try to get an explanation from the liquidators and as everybody said, got no solution.
Went this morning as well to Wexford which was a waste of time, and did not buy anything, why should I? The whole thing made me even more furious.
I know that now we will not get anything but if things go like that the whole country is heading into disaster. I am definitely not buying anything
on those conditions anymore. Whatever I pay for, I want to take it straightaway. Which means if everybody does the same because they have lost the confidence to buy, everything will go downhill.
And I wonder if it is not certain people's fault because of their greediness and because nobody goes to jail in this country not matter what wrong they do! And because politicians are completely inept and because of that stupid Celtic Tiger nonsense!!!

loue39

Continental wrote: »

We also bought a wardrobe in Furniture Depot which my 'dear husband' decided to pay in full (which made me really nervous but I could not say anything!) Well, surprise, company went into liquidation and now we have no wardrobe and no money. I have tried a few times to try to get an explanation from the liquidators and as everybody said, got no solution.
Went this morning as well to Wexford which was a waste of time, and did not buy anything, why should I? The whole thing made me even more furious.
I know that now we will not get anything but if things go like that the whole country is heading into disaster. I am definitely not buying anything
on those conditions anymore. Whatever I pay for, I want to take it straightaway. Which means if everybody does the same because they have lost the confidence to buy, everything will go downhill.
And I wonder if it is not certain people's fault because of their greediness and because nobody goes to jail in this country not matter what wrong they do! And because politicians are completely inept and because of that stupid Celtic Tiger nonsense!!!

i agree with you it frustrates me to even think about spending more hard earned money on more furniture.
i have to pay debt aswell as furniture depot ye dont see me robbing money from them to pay it and that exactly what they done to every customer who left a deposit and paid in full for furniture and filled everyone with lies which is worse.
i will never leave a deposit or pay in full for anything ever again.