Land of Leather Falls as Talks on Possible Offer End

(Corrects ownership of ScS Upholstery to Sun European Partners in third paragraph of story published yesterday.)

Dec. 9 (Bloomberg) -- Land of Leather Holdings Plc , the U.K. upholstery retailer specializing in leather sofas, fell 31 percent in London trading yesterday after saying talks with possible bidders had ended.

Land of Leather slid 2.75 pence to 6.25 pence, the lowest in more than two weeks. The shares have plunged 99 percent this year, reducing the Gravesend, England-based company??s market value to 2.18 million pounds ($3.2 million), compared with 77.6 million pounds when it went public in July 2005.

The offers would have produced ??insufficient value?? for investors, Land of Leather said today in a statement. The stock rose 38 percent on Dec. 1 after the Sunday Times said restructuring firm Hilco and private-equity group Sun European Partners LLP, owner of rival ScS Upholstery Plc, had made preliminary offers.

Britons are spending less on furniture as the economy shrinks and house prices retreat, leading to a slump that forced MFI Retail Ltd. and The Pier (Retail) Ltd. into administration in recent weeks.