Published Friday, 20 July 2012
Fultons Fine Furnishings has been placed into administration. (© Pacemaker)
PriceWaterhouseCoopers have confirmed they were appointed as administrators on Thursday.
The business operates from its flagship premises at Balmoral Plaza in Belfast and from its original outlet at Queen Street in Lurgan.
Fultons also has a number of other commercial and residential property interests, collectively employing 57 people.
Stephen Cave from PwC said administration was the outcome of "deterioration in financial performance", but added that they intended for the business to keep trading.
"Once the immediate assessment of the trading and financial position is complete, we will have a clearer picture of future options," he said.
"Our immediate priority is to communicate with the key stakeholders of the business - including employees, customers, suppliers and tenants."
Chief executive of the Northern Ireland Independent Retail Trade Association, Glyn Roberts, said it would be a big loss to the local retail trade if Fultons was forced to close its doors.
"Every retailer who closes is a loss to surrounding retailers' footfall in retail parks and town centres," he said.
"In 2011, over 1,000 independent traders in Northern Ireland closed and we are worried that this trend could double in 2012."