According to information obtained by News, Lady Astor, which was created in 1999, appeared in court on Friday to request permission for a company voluntary arrangement (CVA) that would require it to close one of its thirteen UK locations.
The proposal, which needs the consent of creditors, was made a few weeks after Samantha Cameron’s mother, Lady Astor, resigned from the board of the business.
Even though InvestIndustrial, an Italian private equity firm that invested in OKA in 2018, owns the majority of the business, she is said to still have a financial stake in it.
The CVA will have an impact on a distribution center and one of the furniture chain’s head offices, according to the plans created by restructuring consultancy Teneo.
About 250 people work at OKA in the UK, and as a result of the plans, up to 40 people could lose their jobs.
Like many shops, the company has had a difficult time recovering from the COVID-19 pandemic.
Originally starting out as a mail order company, Lady Astor reportedly drew celebrity clients, such as supermodel Naomi Campbell and actor Eddie Redmayne.