Diamond Living, a furniture retailer with three large stores in Dublin, has become the latest victim of the economic downturn and confirmed that it is to appoint a liquidator this week and shut its outlets once existing customer orders have been delivered. The closure will lead to the loss of dozens of jobs.
Diamond Living is the trading name of Amaranth Furniture, which is controlled by William Diamond. It has been on the go since 2001.
In a statement, the company said that sales at Diamond Living over the past few months had reflected the sharp fall in furniture sales in the country.
"As a result of this, and the fact that the future for the trade is not expected to improve in the foreseeable future, it has been decided to wind up Amaranth Furniture," according to the statement.
"This will reduce operations at Diamond Living to servicing existing customers and delivering existing customer orders until all such orders have been delivered, the Diamond Living warehouse facility at our head office. . . will remain open during usual hours to facilitate these operations."
The company added that while all three of its outlets -- at Airside in Swords, Liffey Valley and the Longmile Road -- are currently open, it may not be necessary to keep all of the stores open in order to adequately facilitate customers.
The volume of furniture and lighting sales in Ireland slumped 16.2pc year-on-year in April, according to the Central Statistics Office.
Latest publicly available accounts for Amaranth Furniture, for the 12 months to the end of April 2010, show that it made a €250,000 loss and had net assets of €1.4m at that time.
A related firm, Dundrum Interiors, was placed in voluntary liquidation just before Christmas. At the height of the boom, Diamond Living had traded successfully, posting a €370,000 profit in the 12 months to the end of April 2007.
In April last year, Amaranth inked a fresh mortgage agreement with Bank of Scotland (Ireland), with a leasehold premises in Beacon South Quarter at Sandyford in Dublin used as security.
A creditors' meeting for Amaranth is due to be held this Friday at 4pm in the Deer Park Hotel, Howth.