No More Choices left
21st Aug 2007
DVD, Video and computer games retailer, ChoicesUK is to go into administration with the loss of 1,800 jobs.
Shares in the company were suspended at 10.25p, valuing the business at just £2 million.
The directors had been hoping to secure a sale or refinancing of the business but failed to pull it off, Reports The Guardian.
Choicesuk.com is saddled with £13m of debts and creditors, including LLoyds TSB, were getting impatient.
The company runs about 170 stores and also has a big distribution business supplying mail order houses, convenience stores and motorway service stations.
According to The Guardian, A spokesman said no one was interested in buying the company as a whole and while some were interested in buying into it, that did not resolve the problems as the whole business needed to be refinanced.
Many bricks and mortar businesses operating in the same sector are also having to put up with fierce competition from Internet retailers.
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