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Furniture has always been a sought-after and appreciated category.
You need a bed, a sofa, and other basics, but where you get them depends on your financial situation. With people concerned about the economy, their jobs and inflation, that may mean choosing cheaper options like IKEA and other discount furniture chains.
RELATED: Popular bakery chain files for unexpected Chapter 11 bankruptcy
People can also turn to Facebook Marketplace or even Goodwill for their basic furniture needs. A cheap bed or sofa may not last long, but when people are worried about money, they resort to cutting back on areas where they can.
This has been devastating for the furniture industry, as a number of big names with long histories have not only filed for bankruptcy but have also been liquidated. The tough economic environment has killed off several big players, including Mitchell Gold + Bob Williams, which liquidated, and Z Gallerie, which filed for Chapter 11 protection and then sold its assets in May.
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It’s been a bleak period for furniture retailers with many seeing higher sales during the Covid pandemic. Now, another high-end brand has suddenly declared Chapter 7 bankruptcy and closed its US stores while struggling to stay in business in its home market.
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The high-end home furnishings chain is fighting for survival
OKA may not be a household name in the United States, but it has a rich history.
“What is OKA all about? Simply put, it’s a love affair with living well. Since the beginning, we’ve been on a mission to create things that make time spent with friends and family unforgettable. We believe that’s the secret to living beautifully: to enjoy it,” This is what the company shared on its website.
The company sells more than furniture. It’s a kind of lifestyle brand that covers the entire home.
“OKA started small, with three women bringing unique designs from the Far East to shoppers in the West,” the company posted. “Lady Annabelle Astor, a serial entrepreneur on a mission to find special items to decorate her holiday home with, invited two friends along: her sister-in-law Sue Jones, whose decorating pedigree included stints at Jasper Conran and Colfax & Fowler, and Lucinda Waterhouse, a skilled horticulturist whose company By creating gorgeous artificial flowers, together they set out to create a catalog of charming home improvements.
This vision is at risk as the company faces financial challenges that threaten its survival. It has already closed its US operations, which it shared with customers in a brief statement on its website.
“As a result of the Chapter 7 filing, we have suspended all business operations in the United States effective immediately. As such, at this time, we are no longer accepting new orders through our website or U.S. stores,” the company said.
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Oka struggles to survive
While OKA has abandoned its US operations, it has a plan to remain in the UK. The company has applied to the UK courts for a Company Voluntary Agreement (CVA), a type of Chapter 11 bankruptcy filing.
If approved, the value-added law will allow the company to continue working in order to pay off its debts, according to what he said Sky News.
“The deal will see Oka close one of its 13 UK stores; the company is also likely to lay off up to 40 of its 250 staff, and the article notes that the distribution center and head office ‘will be affected’ by the move.”, ” Home business mentioned.
More bankruptcies:
- The popular bakery chain unexpectedly files for Chapter 11 bankruptcy
- Struggling Brand Housing files Chapter 7 bankruptcy, will be liquidated
- A popular restaurant chain shares bad news regarding Chapter 11 bankruptcy
Its already shuttered U.S. operations, which included stores in Houston, Dallas and Westport, Connecticut, were closed as part of a separate Chapter 7 bankruptcy filing. No liquidation plans for those sites have been shared.
Investindustrial, the owner of Oka (which is also a major shareholder in Flos B&B Italia Group), is set to inject cash into the company if the deal is approved by both the courts and creditors. Partner in restructuring firm Teneo, which is overseeing CVA was quoted as saying that the company could receive up to $5 million, according to Sky News.
