Furniture startup Nido will be picked apart and sold off after failing to attract a buyer, administrators at McGrathNicol said today.
The business, which opened in March 2020 and fell apart due to the overwhelming impact of the pandemic, will see its sole store close as soon as three weeks from now despite a number of buyers being interested in the retailer earlier this year.
The business’ staff are expected to be approached with redundancies in the coming weeks, with 60 likely to be affected.
“We are incredibly grateful for the support of staff during this difficult time, with all of the team working hard to preserve the business while options for the business were explored,” said McGrathNicol’s Kare Johnstone.
“Customers will benefit from the closing-down phase, which will include significant discounts instore, with new stock being put on the shelves. Customers should get in quickly, as stock is limited.”
Last June the business said it would gradually ramp up its offering, and would eventually hold up to 10,000 product lines, however, the impact of the Covid-19-sparked lockdowns made it difficult for a fledgling business to survive.