A multinational luxury lifestyle brand is closing its US stores effective immediately as it files for bankruptcy in the United States.
High-end furniture retailer Oka closed its locations in Dallas, Houston and Westport in Connecticut amid an overly ambitious expansion in the United States.
The company was founded by Viscountess Annabel Astor, a member of the British nobility and mother of the former first lady of the United Kingdom, Samantha Cameron.
It has been successfully marketed in the United Kingdom for 20 years and was launched in the United States in 2019.
But financial problems have led to the decision to close its US operations, as well as a restructuring in the UK, where it hopes to continue operating.
High-end furniture retailer Oka will close its US stores effective immediately as it files for bankruptcy in the US.
“As a result of the Chapter 7 filing, we have ceased all business operations in the US effective immediately,” reads a statement on the OKA US website.
‘For this reason, we are no longer accepting new orders through our website or our US stores at this time.’
While operations have been suspended in the US, the brand hopes to survive in its native UK by filing for a Company Voluntary Arrangement, a variant of filing for Chapter 11 bankruptcy.
If approved, the deal would see Oka close one of its 13 UK stores and lay off up to 250 employees.
Business of Home reports that the measure would affect a distribution center and a central office.
Oka is a lifestyle brand that previously partnered with The Crown actress Erin Doherty for advertising campaigns.
It offered $2,000 couches along with $900 lamps and $220 chandeliers.
Lady Astor (pictured with her husband Lord William Astor) has resigned from the board following a dispute with Oka’s owner, Italian firm InvestIndustrial, over its rapid expansion in the US.
Oka is a lifestyle brand that previously partnered with The Crown actress Erin Doherty for advertising campaigns.
The company was founded by Astor, along with her sister-in-law, designer Sue Jones, and Lucinda Waterhouse, an expert horticulturist.
Astor resigned from the board of directors in May of this year after clashing with the company’s new owners over its rapid expansion in the United States.
Lady Astor, 75, is at odds with OKA’s owner, Italian firm Invest Industrial, to whom she sold in 2018 for around $51 million.
Invest Industrial counts Aston Martin among the big names in its portfolio.
Astor remained on the board as a non-executive director until earlier this year.
His decision to leave came after the owners rejected his proposal to lead a management buyout.
The price of the offer, which she said would have been financed with family money, was not disclosed.
The retailer closed its locations in Dallas, Houston and Westport in Connecticut (pictured) amid an overly ambitious US expansion.
The company’s US arm has been struggling since increasing costs by purchasing US furniture/interior brand Wisteria in 2019.
In 2021, the company obtained a loan of $11.5 million to help stop the spiral of losses.
After his departure, Astor said he was “sad” to leave, but had an idea for a new business.
His daughter Samantha is married to former UK Prime Minister and current Foreign Secretary David Cameron.