The firm’s subsidiary Berwick Offray has sold its former distribution facility, located in Bloomsburg Pennsylvania.

The sale price was $8.4m (£6.5m).

The site had a carrying value of $2.9m on IG Design Group’s books.

The stationery and gifting specialist will realise a profit of $4.9m on the deal after selling costs and taxes are taken into account.

The group’s financial year ends on 31 March.

It had previously warned about challenging retail conditions, particularly at its US business where its fourth largest customer has gone into Chapter 11 bankruptcy protection.

As a result it has made a provision of around $15m and expects overall sales to be down around 10% on last year’s figure, with profits expected to be “significantly impacted” and below market expectations of around $32m.

IG Design Group had sales of just over $800m in the year to 31 March 2024. Its DG Americas business accounted for almost two thirds of sales, at $500.3m.

Shares in the group have lost more than 60% of their value since the start of the year, and were at 60.00p this week (52-week high: 240.00p, low: 55.00p).