DFS has acquired the intellectual property rights of the collapsed furniture retailer Multiyork in a deal worth £1 million, alongside leases of eight stores.
Intellectual property rights including Multiyork’s trademark, domain names and product designs have been handed over to DFS, which has stated its intent to convert its acquired store assets into its own fascias.
Six of the eight stores that DFS has rescued from Multiyork’s collapse are now set to be converted into Sofa Workshop stores, while the other two will become DFS stores.
Following the appointment of administrators in November, Multiyork said it would begin to wind-down its 50-store estate this month. DFS has said it will allow the collapsed retailer to continue trading under its administrators until February 18 when the brand will cease.
“We are delighted to take this opportunity to expand our store network, offering customers a local presence where they can experience Sofa Workshop’s exclusive range of modern, luxury, hand-made furniture,” Sofa Workshop chief executive Gill Stewart said.
“We very much look forward to welcoming the sales colleagues from Multiyork as part of our network of experienced store teams.”