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Furniture retailer Land of Leather will receive less than half of the £4.8 million previously paid by Sleep Depot when they start to rent vacant shop floor space to Homestyle next month.

Land of Leather has suffered a like-for-like sales drop of 32% in the last quarter; this sales drop follows a similarly poor preceding quarter, when like-for-like sales dropped by 21%.

Land of Leather says market conditions have “remained challenging due to increasing demands on consumer’s disposable income and the continuing credit crunch.”

The retailer’s previous tenants, Sleep Depot, were renting shop floor space in 71 Land of Leather outlets across the country, paying £4.8 million every year in rent. In their new agreement with Homestyle Group, Land of Leather will let out 28 stores to bring in a rent of £2 million a year.