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Floors-2-Go enters administration
Floors-2-Go has entered administration with the loss of almost 100 jobs.
41 of Floors-2-Go's 132 stores are to close. The failure of the business is a setback for Alchemy Partners, a UK private equity group, which backed the £52.4 million acquisition of the company back in December 2006. Last month, Jon Moulton, founder of Alchemy Partners, had denied that the 132-store retailer was struggling. Last night the board at Floors-2-Go called in administrators from corporate advisory experts Kroll.
Fraser Gray, a partner at Kroll, said: "We understand that this is a difficult time for everyone involved. Retailers are battling a particularly hostile trading environment at present, and it is clear that the pain is being felt acutely in the home improvements sector."
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