Luxury retail firm founded by the mother of Foreign Secretary Lord Cameron's wife Samantha Cameron suddenly shuts its US stores after filing for bankruptcy
READ MORE: Oka founder quits board amid US expansion dispute
The multi-national luxury lifestyle brand founded by Samantha Cameron's mother is shutting its American stores with immediate effect as it files for bankruptcy in the US.
High-end furniture retailer Oka has closed its branches in Dallas, Houston and Westport in Connecticut following a troubled US expansion.
The company was founded by Viscountess Annabel Astor, a member of the British nobility and mother of the UK's former first lady, Samantha Cameron, who is married to former Prime Minister David Cameron.
It has been trading successfully in the UK for 20 years and launched stateside in 2019.
But financial woes have led to the decision to wind up operations in the US, as well as a restructuring back in the UK where it hopes to continue trading.
It follows the resignation of Lady Astor, 75, as a non-executive director at the firm last month.
The company was founded by Viscountess Annabel Astor (right, wiht husband Viscount William Astor), a member of the British nobility and mother of the UK's former first lady, Samantha Cameron
High-end furniture retailer Oka is shutting its American stores with immediate effect as it files for bankruptcy in the US
'As a result of the Chapter 7 filing, we have ceased all business operations in the US effective immediately,' a statement on the OKA US website reads.
'As such at this time, we are no longer accepting new orders via our US website or stores.'
While operations have been suspended in the US, the brand hopes to survive in its native UK by filing for a Company Voluntary Agreement, a variant of a Chapter 11 bankruptcy filing.
If approved, the deal would see Oka close one of its 13 UK stores and lay off up to 250 staff.
This is despite Lady Astor last month saying the UK side of the business continues to flourish.
Sales for 2022 were £42million and adjusted profits were £6.3million.
Business of Home reports that a distribution center and a head office would be impacted by the move.
Oka is a lifestyle brand which has previously partnered with actress Erin Doherty of The Crown fame for advertising campaigns.
It offered $2,000 armchairs alongside $900 lamps and $220 candelabras.
Lady Astor (pictured with husband Lord William Astor) stepped down from the board following a dispute with Oka’s owner, Italian firm InvestIndustrial, over its rapid expansion into the US
Lady Astor is mother to Samantha Cameron and mother-in-law to former PM and Foreign Secretary Lord David Cameron
Oka is a lifestyle brand which has previously partnered with actress Erin Doherty of The Crown fame for advertising campaigns
The company was founded by Lady Astor, along with her sister-in-law designer Sue Jones and Lucinda Waterhouse, a skilled horticulturist.
Read More
David Cameron's mother-in-Law quits luxury furniture firm OKA after US expansion row
Lady Astor resigned from the board in May this year after clashing with the company's new owners over their rapid expansion in the US.
She was odds with OKA’s owner, Italian firm Invest Industrial, who she sold to in 2018 for around $51 million.
She said at the time she was offered 'a good deal' and that she is 'sad' to leave the firm.
'I might have another idea to start a new business,' she added.
Invest Industrial counts Aston Martin among the big names in its portfolio.
Lady Astor remained on the board as a non-executive director until earlier this year.
Her decision to leave came after the owners turned down her proposal to lead a management buyout.
The price of the offer, which she says would have been funded with family money, was not disclosed.
The retailer has closed its branches in Dallas, Houston and Westport in Connecticut (pictured) amid an over ambitious US expansion
The US arm of the company has been struggling since it ran up costs buying US furniture/interiors brand Wisteria in 2019.
In 2021, the company took out an $11.5 million loan to help stem spiraling losses.
Following her departure, Astor said she was 'sad' to leave but had an idea for a new business.
Her daughter Samantha is married the to the UK's former Prime Minister and current foreign secretary David Cameron.