Blockbuster collapses into administration January 16, 2013 DVD rental firm Blockbuster has become the latest retailer to bite the dust, and today appointed Deloitte as its administrator. The collapse of Blockbuster, which employs 4,190 staff across 528 stores in the UK, comes just two days after high street stalwart HMV hit the rocks. Lee Manning, Matthew David Smith and Neville Kahn, partners [...]
Administrators announce 190 HMV job losses January 31, 2013 HMV’s administrators confirmed yesterday that 190 staff have been made redundant across the collapsed music retailer’s head office and distribution network. Deloitte, which was hired to run the chain after it fell into administration earlier this month, said no jobs cuts have been made at its stores, which all continue to trade. The redundancies took [...]
City firms can fix the flexibility conundrum January 30, 2013 WORKING culture in the UK has seen a notable change in recent years. No longer are we focused on a prescriptive work mentality, where 9-5 hours and a career for life are the norm. Instead, it’s now about making the “how”, “when”, and “where” factors of our job work for us, rather than the other [...]
HMV to close a further 37 stores leaving hundreds out of work February 21, 2013 ADMINISTRATORS running collapsed music and DVD retailer HMV yesterday confirmed they would close another 37 stores across the UK, resulting in a further 464 job cuts. Deloitte’s Nick Edwards said the closures, which come on top of a previously announced wave of 66 closures, were required to “enhance the prospects of the restructured business continuing [...]
Consumer slump to last until 2017 January 27, 2013 HOUSEHOLD consumption may take five more years to fight its way out of the worst consumption slump since the great depression and back to its pre-crisis peak, Deloitte warned this morning. Consumer spending has improved only marginally since it fell off a cliff during the credit crunch, and this gloomy trend is set to continue, [...]
New listings outdo FTSE in last two years February 4, 2013 NEW market entrants outdid FTSE 100 stalwarts over the past two years, according to data out yesterday. The share price of 10 firms who joined the main market with an initial public offering (IPO) between 2011-12 rose 19.2 per cent by the end of January 2013, Deloitte said, while the market as a whole rose [...]
Buyers start to circle HMV sale January 17, 2013 COLLAPSED retailer HMV is being circled by up to 50 potential suitors keen to buy parts of the chain, it emerged last night. HMV, which appointed Deloitte as administrators on Monday, has received expressions of interest from a variety of potential buyers, including private equity groups and trade buyers, Deloitte said. Game, the video game [...]
Watchdog will probe accounts for Autonomy February 11, 2013 THE ACCOUNTING watchdog has opened a probe into former FTSE 100 software firm Autonomy’s accounts for the years leading up to its controversial takeover by Hewlett-Packard. The Financial Reporting Council said yesterday it will look at Autonomy’s reporting between 1 January 2009 and 30 June 2011, shortly before the $11.1bn (£7bn) offer from HP was [...]
HMV to honour gift vouchers as Hilco deal nears January 21, 2013 CRISIS-HIT music retailer HMV has performed a U-turn on its initial decision to refuse gift vouchers, administrators confirmed yesterday. Deloitte, the business advisory firm which took control of retailer last week, said HMV vouchers can now be redeemed in stores from today. It also said funds raised by HMV from the sale of charity releases, [...]
City Views | Are you worried inflation has been above target for so long? February 13, 2013 RICHARD WINSTON | BADENOCH & CLARK On a such a small percentage, when I get my monthly paycheck I don’t think about it and if you’re getting an annual pay rise above the rate of inflation, then in real terms it’s not affecting you. GLYNIS WIGGINTON | KEMP LITTLE The rise is very tangible for [...]