TV shopping channel Ideal World has hired administrators and made the “majority” of its workforce redundant.
The Peterborough-based company employed around 275 people at its head office but hired insolvency experts from advisory firm Kroll on Wednesday after it was hit by weaker consumer spending habits.
Administrators said overall trading was “not strong enough” for the business to continue after a slump in viewers.
The company said trading operations had been suspended prior to the administration and will not restart.
Ideal World, which broadcast over 18 hours of TV per day, was launched in 2000 and sold a wide variety of products across all major TV platforms.
Michael Lennon, managing director of restructuring at Kroll, said: “Over the last few years, the Direct Response TV sector globally has suffered a decline in viewer and customer numbers as consumer spending habits changed.
“Whilst Ideal World TV had brought in a significant number of new brands and retail partners to the channel over the last year, overall trading was not strong enough for the business to continue in its present format.
“Our immediate priority is to provide support to all the employees impacted by the administration.”
The administrators said they are now working on the orderly wind-down of the business and will fulfil existing customer orders where possible.
Press Association – Henry Saker-Clark