Source: Sky News

It is funny (not) how these ex rich folk always blame bad financial management after they declare bankruptcy. There they have been living the high life for many years and not paying the correct tax and then boom, one day it all catches up on them.

Source Link: Sky News

Source: Sky News

Source: Sky News

The U.S. arm of Atari, the iconic video game company that created “Pong,” filed for bankruptcy on Monday.

But Atari will live on. The move is aimed at breaking the American branch away from its unprofitable French parent company.  The firm that gave the world Pong more than 40 years ago wants its US business, along with three other companies, Atari Interactive, Humongous, and California U.S. Holdings, to be separate from the French parent company known as Atari S.A

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.

Source: Growth Business – Administrator moves in as HMV faces the music

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?

Source: Sky News & Wikipedia

Total loss: 1370

Source:Sky news

Source: Sky news