Administrators from Deloitte have closed 31 of 103
Music Zone stores,
with 325 staff made redundant.
‘During the first week of trading the administrators spent a considerable
amount of time assessing the viability of the business and the difficult
decision was taken to close a number of stores. However, we have commenced a
marketing strategy to seek a buyer of the business as a going concern and
continue to work hard to achieve a positive result for Music Zone,’ said
partner and joint administrator Bill Dawson.
The music chain was
into administration on 3 January.
It continues to operate from 72 stores across the UK, employing 775 staff,
and a number of parties have expressed an interest in the business.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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