Sky news is reporting that¬†Blockbuster UK, the DVD rental chain, has called in administrators in a move which puts more than 4,000 jobs at risk.
Blockbuster UK is the third major high street store to go bust or on the verge of going bust in the last week and fourth in the last two months. Recently¬†Jessops¬†and¬†HMV went into administration, while¬†Comet¬†closed its stores¬†at the end of 2012.
Source:¬† Sky News
Jobs at risk: 4000
HMV has thrown in the towel after years of struggling to fend off nimbler rivals by calling in administrators in a move which puts more than 4,000 jobs in jeopardy.
Following a board meeting that lasted several hours, HMV directors, led by chairman Philip Rowley and chief executive Trevor Moore, decided the business could no longer trade without insolvency protection.
Source: Sky News
HMV has become the second retail chain to enter administration, following the decision by photography chain Jessops to do the same earlier in January.
The business, which sells CDs, DVDs and video games, says that as a result of ‘current market trading conditions’ it faced ‘material uncertainties’ meaning that it would likely not be able to meet with banking covenants at the end of the month.
Accountancy firm Deloitte has been appointed as administrator and will now keep HMV’s 239 UK stores, supporting some 4,300 workers, open while it pursues potential buyers.
Possible job loss: 4500
According to Wikipedia;
Jessops was the United Kingdom’s largest specialist photographic retailer, which had 192 shops across the country. Many branches contained mini-labs that offered one hour processing or an “express’ 25 minute service.
It is a very sad day for the 1370 employers who have all lost their jobs. I am amazed Jessops lasted as long as it did, what with the online market taking off. I have purchased a number of cameras over the years and always found Jessops to be too expensive. I bought most of my cameras from Tottenham Court Road where prices were a lot more competitive than Jessops. I have also bought from the likes of Amazon and Pixmania and of course they can offer a lot better deals.
For me what I don’t understand is, if a company like Jessops in 2007 realized they were not doing well, why did they not close some shops in areas where the market just wasn’t there or get rid of expensive equipment such as the mini-labs that did photo processing? Did they really have to have 192 shops?
Total loss: 1370
We’ve had a very difficult time over the last 4 years – the credit crunch has been very hard on us.
There are 288 jobs on the line if the company goes into administration.
Source: Sky news
Source: BBC News
Source: BBC News
Source: BBC News
Antony Worrall Thompson, a celebrity crunch victim back in 2009, is in the news again, for shoplifting.
He was recently caught shoplifting cheese from Tesco.
Source: Sky News
Source: The Independent
Sushi restaurant Moshi Moshi enters administration – Tue, 08 Nov 2011
Scottish glazier AC Yule falls into administration – Tue, 08 Nov 2011
Powys-based Llangoed Hall Hotel falls into administration – Mon, 07 Nov 2011
Buyer sought for playground maker Timberline – Fri, 04 Nov 2011
Eden Hotel Collection acquires former Von Essen premises – Thu, 03 Nov 2011
Luminar closes some clubs but continues search for buyers – Thu, 03 Nov 2011
Historic bone ash company Jesse Shirley enters administration – Fri, 28 Oct 2011
Luminar placed into administration by its banks – Thu, 27 Oct 2011
Hampton by Hilton hotels on the market following administration – Wed, 26 Oct 2011
Norian Beds calls in administrators – Wed, 26 Oct 2011
Assets of train excursion firm for sale – Tue, 25 Oct 2011
Potential administration for Olympic contractors, Parry Bowen – Mon, 24 Oct 2011
Glenorchy Lodge Hotels on the market following administration – Thu, 20 Oct 2011
Options Utility Services calls in administrators – Thu, 20 Oct 2011
Finance provider Davenham Group plc in administration – Tue, 18 Oct 2011
Buyer sought for caravan retailer Discover Leisure – Tue, 18 Oct 2011
Administrators consider future of Orkney Boats Limited – Fri, 14 Oct 2011
Search reportedly underway for buyer for Broker Assistance – Fri, 14 Oct 2011
Buyer sought for car electronics firm Pi Shurlok – Thu, 13 Oct 2011
Holloway White Allom in asset sale post-administration – Wed, 12 Oct 2011
Administrators looking for interest in Thomson Litho – Wed, 12 Oct 2011
TNT Magazine put into administration – Tue, 11 Oct 2011
Administration of Waters AutoPlanet confirmed – Fri, 07 Oct 2011
Limerick’s Opera Centre site back on the market – Wed, 05 Oct 2011
Sources mount about Waters Auto Planet administration – Wed, 05 Oct 2011
Administration a “realistic possibility” for Rangers – Tue, 04 Oct 2011
Swindon Travel ceases trading ahead of administration – Tue, 04 Oct 2011
Avilton Foods sold in pre-pack administration – Mon, 03 Oct 2011
Edinburgh’s Raeburn House Hotel up for sale – Mon, 03 Oct 2011
RBS to put Jarvis Hotels through a pre-pack administration – Fri, 30 Sep 2011
Administrators try to find buyer for Motorauctions Leeds – Fri, 30 Sep 2011
Alexon facing potential pre-pack administration – Thu, 29 Sep 2011
Sony Centres up for sale following administration – Tue, 27 Sep 2011
Res-Q Contact Services saved in a pre-pack administration deal – Mon, 26 Sep 2011
Buyer sought for Huddersfield’s Thatchers Furnishings – Fri, 23 Sep 2011
Buyer sought for Highland Toffee brand – Wed, 21 Sep 2011
Buyer sought for Towcester’s Whittlebury Hall – Mon, 19 Sep 2011
School travel company Pinnacle falls into administration – Thu, 15 Sep 2011
Brintons Carpets bought by Carlyle in pre-pack deal – Tue, 13 Sep 2011
Architects Browne Smith Baker fall into administration – Mon, 12 Sep 2011
Assets of FD Kitchens for sale – Wed, 07 Sep 2011
Sharrow Bay Hotel’s search for a buyer continues – Wed, 07 Sep 2011
Administrators appointed to refinishing firm Hex Holdings – Wed, 07 Sep 2011
Buyers sought for Walmsley branches following administration – Fri, 02 Sep 2011
Browns Construction Group in administration – Thu, 01 Sep 2011
Coventry City Football Club facing administration – Wed, 31 Aug 2011
Dodd’s Group owners enter administration – Wed, 31 Aug 2011
Scarborough’s Royal Hotel up for sale following administration – Tue, 30 Aug 2011
Children’s brand owner Chorion facing administration – Tue, 30 Aug 2011
PwC handling Parkridge Holdings administration – Fri, 26 Aug 2011
Famous Fitzbillies bakery bought out of administration – Tue, 23 Aug 2011
Care home business Rotel in hands of administrators – Tue, 23 Aug 2011
Oldham property developer in administration – Mon, 22 Aug 2011
O’Grady haulage firm enters administration – Mon, 22 Aug 2011
Nitenite hotel for sale as parent firm enters administration – Fri, 19 Aug 2011
Assets of administration-struck Strathclyde Homes being sold – Fri, 19 Aug 2011
Fit-out specialists Britspace enter administration – Tue, 16 Aug 2011
Buyer sought for TJ Hughes store following administration – Mon, 15 Aug 2011
Administrators seek buyer for BKF Plastics – Fri, 12 Aug 2011
Lombok furniture chain considers administration – Fri, 12 Aug 2011
Carlisle site for sale following administration – Tue, 09 Aug 2011
Irish hotel and courthouse enters administration – Tue, 09 Aug 2011
Regional Landmark Hotels follows subsidiaries into administration – Tue, 09 Aug 2011
Tourists stranded as Holidays 4 UK enters administration – Thu, 04 Aug 2011
Lancashire‚Äôs Colne Precinct falls into administration – Wed, 03 Aug 2011
Derbyshire’s Bear Inn falls into administration – Tue, 02 Aug 2011
Davis’s Hotel Verta enters administration – Tue, 02 Aug 2011
According to Credit Action, the debtors’ charity, people go bankrupt at the rate of one every 3.69 minutes. A property is repossessed in the UK every 11.4 minutes. Spare a thought for the hard-worked staff of the Citizens Advice Bureau who handle an estimated 9.500 new debt problems every day. A staggering 16,348 individual bankruptcy petitions were made in the first three months of this year, along with 2,177 company winding-up petitions due to financial difficulty.
Source: The Independent
Video game makers Realtime Worlds have confirmed they have gone into administration. The company, founded by the creator of Lemmings and Grand Theft Auto, was viewed as one of the biggest players in the UK computer games market.
They were behind the 2007 double-BAFTA winning hit ‚ÄėCrackdown‚Äô and APB, which has recently been released.
Related Web Sources:
Total losses = 185
Online wedding and celebrations supplies business Confetti has gone into administration. The Manchester-based firm, founded in 1999, has lost 48 of its 94 staff and closed its five high-street shops in Glasgow, Leeds, Birmingham, Reading and London.
Source: The Press Association
Total losses = 48
Almost 2000 jobs will be lost at chains such as Threshers and Wine Rack, it emerged today, as the administrators to their collapsed owner First Quench said it would close hundreds of stores as part of the adminstration.
First Quench, which also owns Bottoms Up, Haddows, a Scottish chain, and The Local, went into administration on October 29, after being hit by cut-price supermarket competition.
KPMG, the adminstrators to First Quench, said today that 381 stores will close across the brands, which will result in 1908 redundancies in those stores that are closing and 34 at the head office in Welwyn Garden City.
The latest store closures are in addition to the 373 shops KPMG said earlier this month would be closing, with the loss of 1738 jobs. The administrators had previously announced 81 job cuts at the firm’s head office.
Source: Times Online
Total losses = 1908
Sandcity who own O’Neill have gone into administration with a potential loss of 90+ staff at the 11 stores around the country. Administrators KPMG have been brought in and they are going to try and find a buyer for the ailing company. ¬† Sandcity is actually owned by the clothing company Black Leisure.
Blacks decided there was “no reasonable prospect” of restoring loss-making Sandcity – the subsidiary which owns the stores – to profit.
Potential job loss = 90