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Posts tagged administration

UK retailer GAME forced to pay £3M in back rent fees

British video games retailer GAME has lost a legal case filed by its landlords, and has been ordered to pay £3 million in rent fees accrued during its administration (bankruptcy equivalent) period in 2012, Retail Week reports. GAME's landlords banded together last year in an attempt to rec...

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The end draws near for Blockbuster UK, 62 more stores closed

Blockbuster UK is likely to follow in the footsteps of the recently defunct US arm, after administrators announced 62 further store closures, with 427 employees laid off as a result. The DVD and game rental chain entered administration (a.k.a. bankruptcy) again earlier this year, and insolvency spe...

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Blockbuster UK cuts 72 stores as search for buyer continues

Blockbuster UK faces 452 layoffs and 72 store closures, after company administrators announced "necessary" measures for the once-again bankrupt retail chain. Moorfield Corporate Recovery, the company tasked with finding another buyer for the struggling outlet, said it wasn't an easy decision to mak...

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Blockbuster UK bankrupt again, can't honor next-gen pre-orders

Blockbuster UK is entering administration again, this time under investment company Gordon Brothers Europe. This means Xbox One and PS4 pre-orders through Blockbuster UK will not be fulfilled, the company says in a tweet. Blockbuster UK advises those who pre-ordered a next-gen system in-store to vi...

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Blockbuster UK finds buyer

Restructuring and investment firm Gordon Brothers Europe bought Blockbuster UK over the weekend. The multimedia rental and sales chain entered administration in January, a month which also saw Blockbuster's US arm close a further 300 stores. Gordon Brothers Europe acquired the retailer's 264 UK sto...

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Report: HMV to be saved as restructurer Hilco acquires debt

Business restructuring company Hilco is set to acquire HMV after reportedly taking control of the struggling British retailer's debt . According to the Financial Times, people familiar with the situation report Hilco took on the debt today, estimated three months ago to be around $279 million. If t...

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Blockbuster closures in UK hit 160 stores

Deloitte, the group handling the administration of Blockbuster UK, will close 160 of the retailer's 500 stores. Blockbuster UK went into administration Wednesday, appointing Deloitte to the task of handling the bankruptcy proceedings and finding a buyer for the company. Lee Manning, an administrato...

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Blockbuster UK enters administration

Blockbuster UK has entered administration (UK bankruptcy), with 500 stores and 4,190 jobs hanging in the balance. ITV reports Deloitte, which is also handling the administration of HMV, has been appointed to handle the bankruptcy proceedings and find a buyer. The HMV situation involves 239 stores a...

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HMV entering administration [update]

Update: HMV confirmed it's filing notice to appoint Deloitte as administrators to the company. As the BBC reports, HMV is suspending trading on the London Stock Exchange from Tuesday, January 15. HMV's 239 stores across the UK and Republic of Ireland are to remain open while Deloitte seeks a purcha...

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Game Australia to close all of its stores in the coming weeks

Retailer Game Australia will shut down all 31 of its remaining stores over the coming weeks, its administrator PricewaterhouseCoopers announced today. Game will close 16 Australian stores immediately and the remaining 15 within a few weeks. In May, Game Australia entered voluntary administration; i...

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