Habitat in US files for protection
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.CONRAN'S Habitat stores in the US, which helped spearhead the British design invasion across the Atlantic, have filed for protection from creditors a year after being taken over from Storehouse by new owners.
The 14-store chain will remain open while its owners, an investor group led by Marvin Traub, a former Bloomingdale's chief executive, try to negotiate a rescue plan with creditors and potential retail partners under Chapter 11 bankruptcy-reorganisation law.
But they warned the stores might be closed, despite a promising recovery over the Christmas period at some outlets.
Mr Traub said yesterday the stores had encountered unexpectedly fierce competition from Ikea, the Swedish home furnishings chain that acquired Habitat's European operations at the same time he took control of 19 American stores in late 1992.
Under Ikea management, the European operations have returned to profitability, recently reopening their flagship store in the King's Road in Chelsea.
The price for the US portion of the sale was never disclosed, although Ikea is said to have paid pounds 78m for the European business. The US stores lost more than dollars 40m in the three years before their sale and Mr Traub has been unable to turn them around, although five loss-making outlets were closed.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments