Diamond Living gone into Liquidation??

Johnnyb101

Hi all
Just got a call there from Diamond Living advising that they are going into receivership/liquidation. They called me as a courtesy call to advise of this and also that our order will be processed normal and we can pay Cash On Delivery if we wish. We ordered a new suite of furniture about 3 weeks ago.

Is anyone in this position. Should we be worried and try to get our deposit back?

jor el

Receivership and liquidation are two very different things. If you got a call from the company, then they are most certainly not in liquidation. If it's in receivership, then the receivers will be running the business, and may be attempting to sell it as a going concern. As such, it's business as usual.

You've been told your order will be delivered, so see how that goes. Since the company is still trading, then if you decide to back out of the purchase you may well lose your deposit. It would depend on what terms were attached to it. Generally, a deposit is non-refundable if the buyer simply pulls out.

Johnnyb101

They were very reassuring. I would hope they keep true to their word. They did advise that they were contacting everyone with orders and that it was business as usual as far as we (the customer) is concerned.

foggy_lad

Johnnyb101 wrote: »

They were very reassuring. I would hope they keep true to their word. They did advise that they were contacting everyone with orders and that it was business as usual as far as we (the customer) is concerned.

Sounds like they are letting customers know in advance of public announcement in the hope it stops any panic or a spate of order cancelling which would surely cause problems, very good customer care IMHO.

TheInquisitor

Please note though if they do go into liquidation in the end you will not be able to return the furniture if faulty etc

Pythia

Apparently all the staff are being let go in 2 weeks. Some guy on my facebook works there.

Johnnyb101

They advised they will send me out a letter so I will update you with the contents. Hopefully they are not pulling out of Ireland completely.

ernestuke

Hi, I have received the call from them as well last night! They said company is going to liquidate. They assured that my dining table with chairs (ordered few weeks ago) will be dlivered to me as normal.. fingers crossed!! Could not find any public info on their liquidation though..

ernestuke

btw, we paid the full amount for them upon ordering the furniture!! I hope we will get it!!!

the groutch

they want to avoid a Jim Langan episode, I wouldnt trust them 100% that the order will be fulfilled, cos once the liquidator is appointed, that's it.

Johnnyb101

So it is liquidation. Can they guarantee deliveries of orders on the one hand and then fail to deliver in the future?

the groutch

they can say what they like Johnny, the second a liquidator is appointed they're no longer running the show, and you join the queue as a unsecured creditor, which gives you little or no chance of getting you sofa. then it's a case of CC chargeback being your only hope.

ernestuke

OMG!!! it defo the last time I paid in full up front!!! :mad:

emo72

did they push you to pay it all up front? i hope things work out for you.

ernestuke

No they didn't push us at all.. they said I can pay deposit of 100eur.. But I am that kind of person, that I like to pay upfront!!! :mad::mad::mad:No I am learning my lesson

maxer68

You have 3 possibilities with companies

Liquidation - this is the worst for customers as it is then controlled by the liquidator and a queue forms for payment. Revenue & staff first, then secured banks then everyone else.

Receivership - not a bad and the company could be sold as a going concern with some debts written off

and finally Examinership - This is quite good for all concerned and is usually when a couple of thinks are holding back the comapny and once these are sorted, the company can return to profit. Usually this means some stores closing, stock being returned and other cost cutting measures that are done under court protection. Customers are rarely affected by this.


edit - This seems to be them


Amaranth Furniture Limited
24 May 2011
Meeting details: Deer Park Hotel Howth, Co Dublin on 3rd June 2011 at 4pm.
Registered address: Unit 11 Rosemount Industrial Estate, Ballycoolin, Dublin 11
Last accounts filed: 30/04/2010
CRO number: 344773


So we're back to the usual system

If you paid by credit Card / visa debit, and don;t receive your furniture, you will need to do a chargeback and you will get full refund.

If you paid by Cash, Cheque, Laser or other DEBIT card excluding Vsa debit, you will have to wait and see what happens.

Johnnyb101

they didn't push us either. They advised that 30% will secure the order and balance can be paid before delivery. They better not screw everyone.

maxer68

To be fair to them, they were always one of the better stores to deal with and I would say this is simply a problem of the continued lack of spending in the economy rather than anything else.

Banks simply won't give money to any retail business that shows any sign of struggle, even if both short term and medium term prospects are good.

ernestuke

I have received the letter, they are saying 'volunatarily decided to wind the company down'.
The order that you have placed with Diamond Living will not be affected by ths and will be delivered to you as per most recently quated lead time.
Apart from any temporary closures all stores will remain open during this process to facilitate delivery arrangements but may have to close in the coming weeks.
The head office of Diamond living will remain open untill all customer orders are delivered and staff there will be happy to with any queries you may have in relation to your order.'

so fingers crossed for the best

the groutch

hopefully they do now honour all orders, and the fact it's a voluntary liquidation might make this more viable.

had just wanted to make those waiting for a delivery aware of the worse case scenario

duggan

maxer68 wrote: »

You have 3 possibilities with companies

Liquidation - this is the worst for customers as it is then controlled by the liquidator and a queue forms for payment. Revenue & staff first, then secured banks then everyone else.

Receivership - not a bad and the company could be sold as a going concern with some debts written off

and finally Examinership - This is quite good for all concerned and is usually when a couple of thinks are holding back the comapny and once these are sorted, the company can return to profit. Usually this means some stores closing, stock being returned and other cost cutting measures that are done under court protection. Customers are rarely affected by this.


edit - This seems to be them


Amaranth Furniture Limited
24 May 2011
Meeting details: Deer Park Hotel Howth, Co Dublin on 3rd June 2011 at 4pm.
Registered address: Unit 11 Rosemount Industrial Estate, Ballycoolin, Dublin 11
Last accounts filed: 30/04/2010
CRO number: 344773


So we're back to the usual system

If you paid by credit Card / visa debit, and don;t receive your furniture, you will need to do a chargeback and you will get full refund.

If you paid by Cash, Cheque, Laser or other DEBIT card excluding Vsa debit, you will have to wait and see what happens.

Should diamond living customers attend this meeting who are waiting on items to be delivered?? john

Johnnyb101

I wouldn't think so. It looks to be an emergency meeting with management and staff I wouldnt say customers would be required to attend unless of course your a shareholder

maxer68

duggan wrote: »

Should diamond living customers attend this meeting who are waiting on items to be delivered?? john

Johnnyb101 wrote: »

I wouldn't think so. It looks to be an emergency meeting with management and staff I wouldnt say customers would be required to attend unless of course your a shareholder

Its a creditors meeting to appoint a liquidator or receiver to the company, so open to everyone who is owed money by them on May 24th. This includes those who have deposits.

It may be my suspicious mind, but holding a creditors meeting in Howth at 4pm on a bank holiday Friday is just a tad strange and possibly organised to ensure as few people as possible turn up.

retail protector

Having overseen the closure of a large furniture retailer here in Ireland, I would like to share with all parties that have purchased or are planning to purchase that in order to have full and complete protection against receivership or even liquidation , the ONLY way to pay is by Credit Card and you will have full recourse to claim ALL your money back from your credit card provider...... In ALL cases where cash was used or Laser for part or full payment , the majority of cases ended badly for the customer , with most or all losing 75% of the initial sum paid. If liquidator is appointed , be prepared for a longer than advised waiting period as getting the goods from the supplier for a company that is being/has been wound down takes considerably longer than the norm....... Use the plastic wherever possible for all high value purchases to protect yourself as the directors invariably will not be in the least bit bothered about your deposit coming back to you. Trust me , I know what I'm talking about here..... Good luck!!

maxer68

retail protector wrote: »

Having overseen the closure of a large furniture retailer here in Ireland, I would like to share with all parties that have purchased or are planning to purchase that in order to have full and complete protection against receivership or even liquidation , the ONLY way to pay is by Credit Card and you will have full recourse to claim ALL your money back from your credit card provider...... In ALL cases where cash was used or Laser for part or full payment , the majority of cases ended badly for the customer , with most or all losing 75% of the initial sum paid. If liquidator is appointed , be prepared for a longer than advised waiting period as getting the goods from the supplier for a company that is being/has been wound down takes considerably longer than the norm....... Use the plastic wherever possible for all high value purchases to protect yourself as the directors invariably will not be in the least bit bothered about your deposit coming back to you. Trust me , I know what I'm talking about here..... Good luck!!

Totally 100% agree with that. Visa debit (issued by Ulster Bank & PTSB and soon BOI) are also protected.

Its not normally anything bad the retailer is doing, just current market conditions are atrocious and the banks are exceptionally careful meaning even businesses which would normally survive a downturn are closing.

If you don't have a credit card for paying deposits or paying in advance for anything, pay someone with a credit card the cash in exchange for them using their card.

duggan

maxer68 wrote: »

Its a creditors meeting to appoint a liquidator or receiver to the company, so open to everyone who is owed money by them on May 24th. This includes those who have deposits.

It may be my suspicious mind, but holding a creditors meeting in Howth at 4pm on a bank holiday Friday is just a tad strange and possibly organised to ensure as few people as possible turn up.

my wife and i are going to the meeting, on friday and ill report back to you with the information

K.O.L

DO not believe there "genuine" phone calls guaranting orders will be delivered. The staff dont realise whats going on behind the scenes and will say anything management tell them.

I was giving the presidential treatment and assurances by MFI kitchens up north 2 years ago before they went bang, luckily i paid by credit card and got the money refunded. But people who paid cash lost alot.

I purchased items in Diamond Living beginning of march and they were due for 2-4weeks lead time this stretched out to 10weeks plus when i recieved the call about going into liquidation.

I went up to the shop 2 weeks ago and demanded my money back or else the display model. The liquidator had removed the registar and cc machine from the shop so they were only staying open to advise customers!!

I made a strong protest in the shop and demanded my money or display model which they would not give me for some unknown reason. I would not leave the shop and told them this time and time again even tried to intimidate me bring in security and delivery drivers, that wont keep me quiet and after an hour or so i left with the display model. ;-)
Job done!!!!!
I suggest people do the same

ernestuke

duggan wrote: »

my wife and i are going to the meeting, on friday and ill report back to you with the information

Let us know about the meeting..

ernestuke

duggan, thanks for the info!
actually the friends of my friends received their corner suite and dining table on friday (that was around the date they originally said they would deliver). So I hope for the best! I will call them 2moro as well, just to check where my dining table is at stage wise.

Johnnyb101

Its official, liquidator has been appointed and the following announcement has been made on their website

"03/06/2011: Announcement

Tim O’Mahony of O’Brien Curran O’Mahony Chartered Accountants has now been appointed liquidator to Amaranth Furniture T/A as Diamond Living.

The delivery of customer orders will not be affected by this appointment and all customer orders will be filled as per your most recently quoted lead time.

Please call the number below for any delivery related queries during normal business working hours – Monday to Friday from 9am-5pm and Saturday from 10am-1pm (excluding Sundays and bank holidays).



31/05/2011: Announcement

As a result of the worsening economic conditions and the understandable anxiety felt by most people about their future the demand for furniture in Ireland has collapsed. Sales at Diamond Living have reflected this for some months and as a result of this and the fact that the future for the trade is not expected to improve in the foreseeable future it has been decided to wind up Amaranth Furniture Ltd T/A Diamond Living. All Diamond Living retail stores will close on Friday the 3rd of June at 5pm.

This will reduce operations at Diamond Living to servicing existing customers and delivering existing customer orders until all such orders have been delivered. The Diamond Living warehouse facility at our Head Office in Ballycoolin will remain open during usual hours to facilitate these operations. Thanks to the co-operation of most of our suppliers all existing customer orders will be filled and will be filled on time. However we are not taking any new sales orders."

I would like to add that I contacted them today and they advised that my order was still being processed as normal and is on schedule to be delivered within the specified timeframe.

It seems that all orders will be honored. Anyone have any problems yet?

maxer68

Nice to see such respect for customers - Diamond were always one of the better stores to deal with.

Hopefully they'll be back in business when things improve.