Import costs up, sales down: Hovells calls time
East Anglian furniture retailer Hovells has blamed increased costs of Far East produced furniture and lower sales for the decision to close.
The company's Norwich and Lowestoft stores will close once £2.4m of stock is sold.
About 90% of the 148 year old company's offer is imported from the Far East and Jonathan Butcher, Lovells director says it also suffered from shoppers comparing prices online.
'The cost of the goods coming from the Far East has risen enormously. The cost of shipping has increased. The costs of manufacturing in the Far East have gone up. The prices in the UK have gone down. The margin has disappeared.
'In the end we did our sums and decided to close. There is a limit to how much you can keep putting money in. The decision had to be made. Our business model could no longer be sustainable.'