Habitat set for a new home as management plans to go it alone
HABITAT, the home furnishing retailer is set to be placed in the hands of its management after a lengthy battle for control with restructuring specialists Hilco.
It is understood that new investors have agreed to back chief executive Mark Saunders and finance director Sebastian Drouillet to turn around the business after it was put up for sale in October by the Kamprad family, heirs to the Ikea fortune.
It is thought the family became frustrated by the chain’s losses – it has not reported a profit since 2005.
Hilco was in the lead to snap up the retailer, but it is believed that talks have been scuppered after a number of credit insurers threatened to withdraw cover if Hilco was made owner. Hilco is famed for splicing up retail firms for the most cash.