HMV boss vows brand has high street future January 15, 2013 THE BOSS OF HMV said yesterday he was “convinced” the crisis-hit music chain still has a future on the high street, as a number of firms emerged as potential bidders for the company. Deloitte was officially appointed as administrator to HMV yesterday morning, putting 4,123 jobs at its headquarters and 223 stores at risk. But [...]
Day the music died January 14, 2013 HMV has collapsed into administration after last-ditch attempts to save the crisis-hit music retailer came to an abrupt end last night, putting 4,000 jobs at risk and signalling the end of more than 90 years on the British high street. Deloitte, which has been advising HMV’s consortium of lenders led by Lloyds Banking Group and [...]
What the other papers say this morning January 7, 2013 FINANCIAL TIMES Icelandic raider pleads not guilty Jón Ásgeir Jóhannesson, the Icelandic corporate raider who used to own large parts of the UK high street, has pleaded not guilty as one of the most notorious sagas in the collapse of the Icelandic banking system came to court. Obama announces new security team Barack Obama has [...]
Retail failures on the up amid weak demand January 2, 2013 THE NUMBER of retailers falling into administration rose by six per cent last year as the squeeze on consumer spending and the shift of spending towards the internet saw names such as JJB and Comet disappear from the high street. Figures published yesterday by Deloitte, the accountancy firm, show that 194 retailers fell into administration [...]
Cable mulls insolvency shakeup December 20, 2012 ■ Business secretary Vince Cable yesterday floated the idea of shaking up the UK’s insolvency rules amid questions around the controversial collapse of electrical retailer Comet. Cable told the House of Commons: “There may well be better ways of handling insolvency. We should have an open mind about other approaches. The American Chapter 11 system [...]
City Moves | Who’s switching jobs December 20, 2012 Squire Sanders The law firm has announced two appointments to its financial services practice group. Philippa Chadwick joins as a partner from Berwin Leighton Paisner, where she led its project finance team. Paula Laird joins as a banking and finance partner from Wragge & Co, where she was head of banking. Laird has also held [...]
The euro heroically survived 2012 but new dangers await next year December 20, 2012 NO REVIEW of the global economy in 2012 could fail to focus on Europe’s long-running and ever-changing debt crisis. The continent is emerging from its most difficult year since the birth of the euro. It’s in a better shape than many expected, but European policymakers still face formidable challenges in 2013. The year has been [...]
Cable launches inquiry into Comet failure December 18, 2012 VINCE Cable has ordered an investigation into the collapse of Comet after the electrical retailer’s remaining 49 stores brought down their shutters for the final time last night. The Department for Business, Innovation and Skills said the Insolvency Service will carry out the probe under section 447 of Companies Act, which obliges companies to cooperate. [...]
Zombie firms taking a bite out of earnings at Begbies Traynor December 12, 2012 AN ARMY of “zombie companies” being kept afloat by record low interest rates have hit business recovery group Begbies Traynor’s earnings in the last six months. The firm’s revenues fell 11 per cent to £26.1m in the half-year to the end of October, while pre-tax profits dropped from £3.4m a year ago to £2m. A [...]
Advisers PWC December 10, 2012 Ian Green led the innovative deal for UK Coal. Green joined PwC 25 years ago, has been a partner for over ten years, and is now the regional chairman for PwC’s operations in Yorkshire and the North East. This includes overseeing more than 1,000 members of staff at key offices, including Leeds, Newcastle, Sheffield and [...]