LURGAN home furnishings company Fultons has entered administration.
PriceWaterhouseCoopers have confirmed they were appointed as administrators on Thursday.
The business operates from its flagship premises at Balmoral Plaza in Belfast and from its original outlet at Queen Street in Lurgan.
Fultons also has a number of other commercial and residential property interests, collectively employing 57 people.
Stephen Cave from PwC said administration was the outcome of “deterioration in financial performance”, but added that they intended for the business to keep trading.
“Once the immediate assessment of the trading and financial position is complete, we will have a clearer picture of future options,” he said.
“Our immediate priority is to communicate with the key stakeholders of the business - including employees, customers, suppliers and tenants.”
Upper Bann Ulster Unionist MLA Jo-Anne Dobson has expressed her disappointment at hearing the news.
“The company has long-standing roots in Lurgan and has been an integral part of my constituency for many years. Its stores in Lurgan and Belfast have provided a high level of service and quality furniture to local people as well as being a key local employer.
“This will be a difficult time for the staff and their families and I hope that the company can overcome its present difficulties and continue to play a major role in the local furniture retail market for many years to come.
“Our rural towns must retain their unique identities. Companies such as Fultons which are locally owned and managed make up a key part of the fabric of towns and support from local communities is all the more important in the present difficult economic climate.”