Oka, a leading U.K. furnishings and accessories company, has decided to exit the U.S. market due to challenging conditions. The company initiated Chapter 7 bankruptcy proceedings in the Northern District of Texas to wind down its business operations in the U.S., involving liquidation of assets to repay creditors while keeping its focus on its core market in the U.K.
After careful evaluation, Oka determined that filing for bankruptcy was the most viable option given the difficulties of establishing a business in the U.S. region. This decision was made to ensure an orderly wind-down of operations and manage financial obligations responsibly moving forward.
Oka is an omnichannel direct-to-consumer business that operates oka.com and 13 stores across the U.K., with three stores in the U.S as well. The firm was founded in 1999 by Lady Annabel Astor, interior designer Sue Jones, and horticulturalist Lucinda Waterhouse before being sold to European investment house Investindustrial by its private shareholders in 2018, with Lady Annabel Astor resigning from the company’s board of directors in May 2021.
Recently, American fashion designer Adam Lippes collaborated with Oka in April, introducing three collections, including pieces for the study such as nesting tables and a desk, highlighting Oka’s continued commitment to innovation within their industry despite challenges faced by various sectors like real estate slowdowns which affected existing home sales in December hit a 30-year low with median existing-home price for all housing types up 5
