By Marcus Leach
UK retailer Habitat has put all but three of its stores into administration as part of a deal to sell the indebted furniture and home ware chain.
A deal worth £24.5 million cash will see Home Retail Group (HRG), owners of Argos and Homebase, buy the habitat brand.
The 30 stores that have been put into administration will continue to trade for the time being, with HRG retaining 100 staff members at the London based stores, and a further fifty 'brand support' staff.
However, it is still unclear as to what will happen to the other 750 employees at Habitat.
"Trading conditions have remained challenging for retailers of big ticket items such as furniture," a statement from Habitat said.
"A return to profitability for the business in the UK appears unlikely in the near term as many of the stores are expensive and poorly located for a furniture retailer."
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