Land of Leather
Encyclopedia
Land of Leather was a furniture
retail
store based in Northfleet
, Kent
in the United Kingdom
. It operated in the United Kingdom
and the Republic of Ireland
.
Land of Leather was founded in 1997, and in 2005 the company was floated on the London Stock Exchange
with the assistance of the investment bank, Investec, using the symbol LAN. As of December 2008, the company employs 850 people in its 109 stores in the UK and Ireland. In mid-2008 Land of Leather issued profit warnings, and was planning to raise £15 million through a new share issue.
In December 2008 Land of Leather's announcement that they were in buyout talks with a number of interested parties, caused their share price to rise by 38.5%. However these talks ended later in December citing "insufficient value for shareholders".
. Lee Manning and Nick Edwards of Deloitte are joint administrators. The company was debt-free, but it was unable to secure additional funds. The company cited reduced consumer spending and the state of the banking market at the time as the causes. The administrators are aiming to sell the company as a going concern.
Customers who paid a deposit by credit card or Visa debit card, or by any means since 26 December 2008 are fully protected. If their original order cannot be fulfilled, customers who paid a deposit by any means other than credit or Visa card before 26 December 2008 will be offered a discount on other items.
On 26 January 2009 it was announced that 33 stores would close, leaving 76 stores.
. This caused serious rashes to more than 300 users, due to an allergic reaction. Land of Leather had an insurance policy with Zurich Financial Services
, but the insurer refused to pay out, claiming that Land of Leather had breached policy terms. This position was accepted on 18 March 2010 by the High Court
of England and Wales, and purchasers will not be indemnified by the insurer.
Furniture
Furniture is the mass noun for the movable objects intended to support various human activities such as seating and sleeping in beds, to hold objects at a convenient height for work using horizontal surfaces above the ground, or to store things...
retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
store based in Northfleet
Northfleet
Northfleet is a town in the Borough of Gravesham in Kent, England. Its name is derived from North creek , and the settlement on the shore of the River Thames adjacent to Gravesend was known as Norfluet in the Domesday Book, and Northflet in 1201...
, Kent
Kent
Kent is a county in southeast England, and is one of the home counties. It borders East Sussex, Surrey and Greater London and has a defined boundary with Essex in the middle of the Thames Estuary. The ceremonial county boundaries of Kent include the shire county of Kent and the unitary borough of...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. It operated in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and the Republic of Ireland
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
.
History
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
with the assistance of the investment bank, Investec, using the symbol LAN. As of December 2008, the company employs 850 people in its 109 stores in the UK and Ireland. In mid-2008 Land of Leather issued profit warnings, and was planning to raise £15 million through a new share issue.
In December 2008 Land of Leather's announcement that they were in buyout talks with a number of interested parties, caused their share price to rise by 38.5%. However these talks ended later in December citing "insufficient value for shareholders".
2009 administration
On 12 January 2009 Land of Leather Holdings plc announced that they had entered administrationAdministration (insolvency)
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – an alternative to liquidation – is often known as going...
. Lee Manning and Nick Edwards of Deloitte are joint administrators. The company was debt-free, but it was unable to secure additional funds. The company cited reduced consumer spending and the state of the banking market at the time as the causes. The administrators are aiming to sell the company as a going concern.
Customers who paid a deposit by credit card or Visa debit card, or by any means since 26 December 2008 are fully protected. If their original order cannot be fulfilled, customers who paid a deposit by any means other than credit or Visa card before 26 December 2008 will be offered a discount on other items.
On 26 January 2009 it was announced that 33 stores would close, leaving 76 stores.
"Toxic sofa" lawsuit
Land of Leather sold Linkwise sofas made in China which contained sachets of the mould-inhibiting chemical DMFDimethyl fumarate
Dimethyl fumarate is the methyl ester of fumaric acid.-Reactions:Dimethyl fumarate is an ester and an α,β-unsaturated electrophilic compound, undergoing reactions typical to them. It is also a diene acceptor in the ordinary Diels-Alder reaction, where the reactivity of its vinylidenic bond is...
. This caused serious rashes to more than 300 users, due to an allergic reaction. Land of Leather had an insurance policy with Zurich Financial Services
Zurich Financial Services
Zurich Financial Services AG is a major financial services group based in Zurich, Switzerland.-History:The Company was founded in 1872 as subsidiary of the Schweiz Marine Insurance Company under the name Versicherung Verein...
, but the insurer refused to pay out, claiming that Land of Leather had breached policy terms. This position was accepted on 18 March 2010 by the High Court
High Court of Justice
The High Court of Justice is, together with the Court of Appeal and the Crown Court, one of the Senior Courts of England and Wales...
of England and Wales, and purchasers will not be indemnified by the insurer.