ADELAIDE, Australia — Mokum, a 30 year-old wholesaler of upholstered seating, walls, window and floor coverings is filing for voluntary administration and is in "discussions with a purchaser currently and the outcome will be known in a couple of weeks," according to an industry source.

After a period of growth throughout New Zealand and Australia in the 90's, the family-run business expanded into the U.S. market in 2005 with over 20 shared textile showrooms. Nearly three years later, the economy in the U.S. began to decline into a recession that still has its residual effects today and thus the company became one of the latest casualities of the credit crunch.

According to a source, however, "all staff are still working and the lights are still on."

The company does owe in excess of five million New Zealand dollars to commercial finance company, S H Lock. Its managers are currently valuing their company to sell the assets. Companies like James Dunlop, Warwick Fabrics and possibly an overseas based company are each performing due diligence and are expected to make bids for these assets.