Land of Leather secures funding
19/06/2008
UK furniture retailer Land of Leather has agreed a rescue package that should allow it raise £15 million pounds by selling new shares, but said trading was still difficult, with like-for-like sales falling by 35% in the six weeks to June 6.
Observers have said the furniture market is suffering particularly badly in the current economic slow-down because families are paying so much for food and energy bills that they are putting off larger purchases such as sofas.
Some commentators in the City of London have advised inestors against taking up Land of Leather's offer of almost 30 million new shares, priced at only £0.05 each.
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