Independent furniture retailer Eyres of Chesterfield has confirmed that it has ceased trading after failing to secure ‘critical funding’.

The news follows a closing down sale, which was first signposted around the store on Holywell St earlier this year.

The company, which has been established since 1875, sent a letter to employees confirming the closure and redundancies.

The letter, seen by Big Furniture Group, said: “Due to the Company being unable to secure critical funding, which was essential to enable necessary and urgent building repairs to be carried out, and for Eyres to proceed with the planned refurbishment, modernisation and re-opening of the store as scheduled, the Company’s ability to meet creditor demands has been severely affected.

“Regrettably, the Directors have taken the difficult decision to cease trading with immediate effect and to seek professional advice.

“We appreciate this is likely to be a very upsetting time for everyone, and the owners would like to reiterate that every effort has been made to avoid this outcome. However, the current economic climate of financial constraints, lack of funding and rising costs, has made the decision unavoidable.”