BusinessBusiness RecoveryE&Y called in as music fades at Fopp

E&Y called in as music fades at Fopp

Music chain on verge of administration

Recovery experts from Ernst & Young have been called into discuss future
options for music chain Fopp, following reports that the company is on the verge
of collapsing,
The
Scotsman
reported.


Fopp, which sprung out of a single market
stall in Glasgow, is believed to be trading on a cash-only basis, and been doing
so for more than a week, while its online sales have also fallen.

Reports suggest company bankers,
Bank of Scotland, may
withdraw its services.

Last weekend Fopp denied it was in administration, claiming it was in
‘genuine and lengthy negotiation’ with the bank.

But last week it closed its entire chain of 50 high street stores including
its flagship shop on London’s Tottenham Court Road for a day of ‘stocktaking’.

Further reading:

Two-thirds of Music Zone stores sold by Deloitte

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor