Earls Auctioneer, the auctioneer and the sellers are in the middle of a big change at their flagship auction house, after they announced they would close the auction house in 2019.
The move comes as the company is facing a $5 billion deficit and has been forced to close an entire branch of its website in order to meet new financial obligations.
The closure of Earls, which has been run by the family since 1998, was announced last month, in a news release by the company.
It said the closure of the Earls auction house would result in an immediate impact on the Earles family, which is facing financial pressures.
The family has been running Earls since 1998.
The Earls family has owned the auction business since 1998 and has sold more than 1.5 million items including antique carriages, furniture, paintings, rare art, jewellery and more.
The company also operates a collection centre and a gift shop, which it said had been “reorganised to enable Earls to continue to fulfil its core business”.
The closure is a blow to Earls owner and CEO Michael Earls and his family.
The auction house was closed in March 2019 for the final time, and in 2018 Earls said it would close a further two offices to allow the company to focus on restructuring.
In a statement on Monday, the Earlls said the company was facing a very difficult period of time as it worked to complete its restructuring plans.
“It has been a very challenging time and the company has been faced with the challenge of meeting its financial obligations,” the statement said.
“As part of the restructuring plans, the company will be closing its Earls shop and closing the Earl’s gift shop.”
It said Earls was continuing to work on a plan to make the Earleys business sustainable, including a plan for the sale of its collection centre to allow Earls the flexibility to continue fulfilling its core businesses.
“The Earles brand is in a better position than ever and will be able to continue doing business, even as it makes changes to the way it does business,” the company said.