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Allied Carpets gets the rug pulled

publication date: Jul 2, 2009
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In the latest twist in the Allied Carpets debt saga, the division that owns its stores is to be placed in administration. A large number of its 218 stores could be closed. The company says that it is part of their refinancing and restructuring but landlords who, in turn, are worried that this could be a mechanism similar to that used by MFI to unload the leases of under performing stores. 

Meanwhile Carpetright issued its preliminary results yesterday saying that everything good – profits, revenues and the dividend – was down, while debt and redundancies were all up, making for pretty uncomfortable reading for investors. Carpetright aren’t announcing any closures right now but it looks like there could be a whole lot more commercial landlords whose floorspace isn’t covered.