Creditors of Zavvi
have been forced to bring in an emergency restructuring team from Ernst &
Young (E&Y) for the former Virgin Megastore retailer, with its management
Deloitte, the administrator of
distributing arm and Zavvi’s biggest creditor, has recruited E&Y for the
troubled CD and DVD retailer as the fallout from Woolworths’ collapse escalates,
The Times reports.
Zavvi has been unable to bring in stock since EUK went into administration
last week, hampering its deliveries in the wake of the Woolworths collapse and
forcing it to alert customers it could no longer take online orders.
E&Y is reportedly standing by to take over as administrator if Zavvi
fails to repay its £106m debt to EUK, threatening the jobs of 2,500 employees.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children