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More than 1,500 jobs are set to go at Carpetright after a rescue deal by the founding family saved only part of the business.
Flooring group Tapi, set up by a member of the Harris family behind Carpetright, has agreed to buy 54 stores as well as the brand, intellectual property and two warehouses.
Lord Harris of Peckham founded Carpetright in 1988 before selling his shares and stepping down as a director ten years ago.
But the deal only saves 308 of the 1,898 staff, leaving 1,590 at risk of losing their jobs, with 219 of the 273 stores closing along with its head office in Purfleet, Essex.
Lord Harris of Peckham founded Carpetright in 1988 before selling his shares and stepping down as a director ten years ago.
His son, Martin Harris, co-founded competitor Tapi a year later in 2015.
Harris left Tapi last year, but his father remains an investor and advisor.
Kevin Barrett, chief executive of Nestware Holdings, which owns Carpetright, said he was “very sorry” that more jobs could not be saved.
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