A company which has a store in Eastbourne town centre has gone into administration.
Almost 550 jobs are at risk across the country as Multiyork says it will continue trade as normal up until Christmas.
Administrators of the furniture store, which has a premises in South Street, say they are hopeful of finding a buyer for the business.
Multiyork’s joint administrator, Allan Graham, said to Sky News, “Trading conditions for UK retailers continue to be difficult due to a number of factors including economic uncertainty, rising commodity prices, increasing business rates and the fall in value of the pound which has increased the cost of importing raw materials and products.
“This appears to be leading to a sharp fall in consumer confidence and less money being spent on discretionary items.
“The British Retail Consortium has been reporting that real consumer spending power has been on a downward trend in the last year as the acceleration in inflation has caused shoppers to become ever more cautious in considering what purchases they can afford.
“Many now face higher borrowing costs, given the rise in interest rates, which will only serve to heap further pressure onto household finances.
“This has impacted certain sectors particularly hard and as a result of trading losses, Multiyork could no longer meet on-going liabilities.”