Flooring specialist Headlam has announced the loss of 154 jobs and the closure of 28 of its trade counters across the UK after the company fell into administration. Based in Birmingham, Headlam has hired administrators from the advisory firm Interpath. The company plans to continue operating while undergoing restructuring, aiming to stabilize its financial position. Headlam currently employs around 1,300 people and intends to implement a Company Voluntary Arrangement (CVA), a formal process that allows businesses to restructure their debts with the help of creditors. This restructuring will result in the closure of more than a third of its 76 trade counters. However, the company will keep its 17 distribution centers and 48 remaining trade counters open. Administrators have also outlined plans to refinance the company’s debt and cut costs to ensure its financial future is more stable. Headlam’s shares were suspended at the beginning of September after the company warned it would likely need to appoint administrators due to a lack of available cash. The financial struggles are said to be caused by recent economic challenges, including rising costs and weak consumer confidence. These factors have made it difficult for the company to maintain its usual operations and meet its financial obligations. Will Wright, UK chief executive at Interpath and one of the joint administrators for Headlam Group, stated that the immediate focus is on supporting employees affected by the job cuts and store closures. At the same time, the company is working on restructuring efforts to improve its chances of recovery. The goal is to reposition Headlam for long-term success while addressing the current financial challenges.