Businesses like this have been hit so hard in the last few years. Firstly as you mention wood prices have increased massively in the last 4 years. Factor in the huge increases in other raw materials (e.g. metalwork), energy costs, rents and shipping as well as the pressure on wages as a result and I am sure their costs must have seen a huge increase. Trouble is that at their price point customers aren't going to wear huge price increases as they already see these as being high ticket items, which to an extent they are. Sad for the business and its employees and of course its loyal customers, but not a surprise given the kicking that small businesses are getting with zero help from the bunch of millionaires we have as a government of course.I'm sure that was part of their downfall.
I bought a nice 4 shelf walnut ref rack from them about 15 years ago and it wasn't that expensive. When I contacted them a few years ago (pre covid) for a new shelf the price had gone up by a massive amount.
Sure that the massive wood price increase during covid would have hit them hard as well though.