A MAJOR retailer has been rescued from administration, but hundreds of stores remain at risk of closing. Flooring retailer Tapi has struck a multimillion-pound rescue deal to rescue the Carpetright brand and dozens of stores. Tapi is understood to have agreed to purchase 54 of the ailing chain's stores and two warehouses in a pre-pack administration deal that will save 300 jobs, The Times reports.
However, the deal does not include 200 other stores which face an uncertain future , and over 1,000 job losses are on the cards. It's understood that Tapi is the only competitor to have put a deal on the table which involves rescuing both jobs and stores. Carpetright put PwC administrators on standby on Friday as it sought a "period of protection" to secure additional investment.
Read more in money It was believed the executives at the retailer were reluctant to approach Tapi about a deal over fears it could gain access to sensitive trading information. It comes after Carpetright's owner, Meditor, a British hedge fund, ruled out buying b ack the business or investing any more money . Meditor owns Nestware Holdings, and also owns The Floor Room.
Carpetright filed a notice to appoint administrators two weeks ago, on July 12. Most read in Money The firm previously said it was using the administration process to finalise additional investments and secure the company's long-term future. Carpetright, which is one of the country's biggest floor-covering retailers, said the decision was mad.