Deal agreed to open Courts stores

Most of the UK's Courts stores are now destined for closure

Insolvent furniture chain Courts has agreed a deal that will see its 88 stores reopened by 16 December.

Administrator KPMG said SB Capital, a firm specialising in turning around retailers, had agreed to take the chain on, but would only purchase 14 shops.

The bulk of the shops will then be closed by February next year.

"This is the best result we could have achieved for customers," KPMG said, adding that anyone with outstanding orders will get their goods or money.

The furniture retailer had been forced to close its doors to the public earlier this month as staff faced threats from disgruntled customers.

Customers secured

KPMG said it had accepted the SB offer as it had been unable to sell the company as a going concern.

However, the sale should ensure that staff at the 14 stores being sold to SB should hold onto their jobs, KPMG added.

Under the agreement, SB will also ensure that any Courts customers who had bought goods before it went into administration should receive their order.

Almost 4,000 people who have paid in full for goods at Courts stores or its warehouse will have their furniture delivered, while any others who have paid in full should receive their order "where possible" or choose an alternative.

Meanwhile, anyone who paid a deposit will be offered an alternative with a 10% discount.

Any other customers who paid a deposit by credit card should be able to make a claim against their card companies.