Losses treble at Feather and Black
Losses trebled at bedroom furniture chain Feather and Black last year as it was forced to discount to clear excess stock.
The chain saw a pre-tax loss of £508,000 in 2012 jump to £1.616m in the year to 29 September 2013.
'The result for the year was disappointing with the loss for the period significantly Impacted by the clearance of excess stock at reduced margins which allowed the company to restructure the product range,' says the company's recently filed accounts. 'The marketing strategy and activity has also been revised and although the company continues to operate in an improved but difficult retail environment, the restructuring is delivering an improved order intake. The directors expect a recovery and profits to be made in the medium term.'
Sales dipped from £22.6m to £21.9m.
The accounts also show that £39,000 was paid in compensation for loss of office, thought to be for the chain's co-founder Adam Black who stepped down in March 2013.