Loughborough’s retail specialist DCI-Artform is in crisis with the threat of closure in the New Year. The firm’s boss David Penn has told staff they are entering a 45 day consultation over their future with two scenarios: closure of a dramatic reduction in the business size with resulting job losses.
Already 35 staff have left with the rest of the 150 workforce now on notice of potentially heading out of the front door. The firm specialise in branding and promoting retail environments with signage, displays, digital systems and retention programmes with clients including Boots the Chemist, The Bodyshop and Toyota.
Ian Carrotte of ICSM Credit said: “Sadly this is the knock on effect of the collapse of High Street retailing. Stores are no longer seeing the kind of footfall they experienced in the past and are cutting their overheads as income decreases.”
Carrotte’s thoughts are echoed by the head honcho at DCI-Artform Penn who told Business Live: “The reality is that this sector is tough. We are selling retail displays and the retail sector is suffering disruption though things such as e-commerce. We are heavily focussed on the cosmetics sector, selling into large multi-nationals who are changing their marketing mix – for instance, redirecting their money into Google Ads or into using vloggers. We are doing everything we can, but time will tell whether we will have the appropriate options to avoid a closure.”
The firm has a sister site in the Czech Republic which is also under threat and is owned by US-based Marmon Holdings, which forms part of conglomerate Berkshire Hathaway, owned by Warren Buffett.
The story by Harry Mottram is here: https://www.icsmcredit.com/news/viewpost.php?id=84
ICSM Credit receives daily reports of retailers and their suppliers finding things tough with messages about late payment and a trimming of orders. The information is passed to relevant members of ICSM so they can avoid bad debts. To find out more on how to join visit the website at www.icsmcredit.com – for the price of a full tank of diesel your business will get vital credit intelligence on all sectors of the economy.
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