A home furnishing firm with its headquarters in Oxfordshire has been placed into administration today.

The Pier, which employs 57 at its head office in Milton Park, Abingdon, has become the latest victim of the economic turmoil.

Joint administrators said the retailer would continue to trade as normal while it seeks a buyer for the business.

The Pier has 31 stores and 17 concessions across the country and employs around 400 staff.

Rod Weston, partner at Mazars and joint administrator, said: "The company has encountered difficulties due to the harsh trading conditions associated with the current economic climate.

"While in administration, the business will continue to trade as normal. We are now reviewing options and are seeking a buyer for the business as a going concern."