Land of Leather in new crisis
02/04/2008
Troubled leather furniture retailer, Land of Leather, has found itself in the middle of fresh worries this week, to add to the recent report of a 35% drop in profits and the resignation of its chief executive last week.
Before it had fully absorbed this news the company found out that a partner, bed retailer Sleep Depot, has gone out of business, which means the loss of more than 350 jobs and an important loss of revenue for Land of Leather. The furniture firm leased space in 72 of its stores to Sleep Depot and will now lose a further £1.6 million in rent revenues in the financial year that is just closing.
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