Morrisons buys 49 Blockbuster shops to grow convenience unit February 17, 2013 SUPERMARKET chain Morrisons yesterday snapped up 49 stores from defunct video chain Blockbuster, proving its commitment to the UK high street as it seeks to expand its offering of smaller shops. Blockbuster collapsed into administration last month, and advisers Deloitte are planning to close 332 stores across the UK. Morrisons, which earlier this month bought [...]
High street in crisis January 16, 2013 BLOCKBUSTER, the DVD, video and games rental chain, yesterday collapsed into administration sending Britain’s high street into further turmoil. Deloitte, which has been hired as administrators, said Blockbuster would continue to trade as it seeks a buyer for all or parts of the business. However, it is inevitable that some of Blockbuster’s vast 528-store estate [...]
Fighting against the future can only buy so much time January 21, 2013 THE decision by HMV’s administrators Deloitte to honour gift vouchers and to pay proceeds raised for charity singles is a piece of luck for those caught out by the music chain’s crisis. While at first sight this is less heartwarming for the chain’s other creditors, it may in fact be slightly upbeat news for them [...]
HMV boss vows brand has high street future January 15, 2013 THE BOSS OF HMV said yesterday he was “convinced” the crisis-hit music chain still has a future on the high street, as a number of firms emerged as potential bidders for the company. Deloitte was officially appointed as administrator to HMV yesterday morning, putting 4,123 jobs at its headquarters and 223 stores at risk. But [...]
Blockbuster administrators to shut 129 stores and shed staff January 20, 2013 BLOCKBUSTER, the DVD and games rental chain, is to close 129 stores of its 528 stores over the coming weeks and make 760 staff redundant, the firm’s administrators Deloitte said this weekend. These are on top of the 31 store closures that had already been decided before the retailer fell into administration last Wednesday. Deloitte [...]
Record-breaking United pierce £2bn barrier after share surge January 28, 2013 MANCHESTER United have become the first outfit in world sport to be valued at more than £2bn, according to Forbes, following a surge in the club’s share price. United’s $3.3bn (£2.1bn) enterprise value is 50 per cent greater than their nearest challenger, American football team Dallas Cowboys, who are worth $2.1bn (£1.3bn) according to the [...]
History shows financial fair play likely to have teeth, says expert January 23, 2013 ONE of football finance’s leading experts has voiced his surprise at continued scepticism over the willingness of European chiefs Uefa to ban clubs if they break new financial fair play (FFP) rules. Deloitte’s Dan Jones believes Uefa will see through its threat to issue a range of sanctions against teams whose losses exceed allowable FFP [...]
Anti-trust body to rule on audit work this week February 18, 2013 THE Big Four accounting firms will learn this week whether the UK Competition Commission plans to shake up the industry to give smaller challengers a better shot at winning audit work. KPMG, PwC, Ernst & Young and Deloitte, which together audit all but a handful of Britain’s biggest firms, have told the commission that the [...]
HMV Canada owner Hilco in lead for stores January 20, 2013 VULTURE turnaround fund Hilco UK is poised to add to its stable of Canadian HMV stores after taking the lead in the race to salvage its bankrupt UK sibling. Hilco, which bought out HMV Canada from parent HMV group in 2011 for £2m, is currently heading a pack of around 50 suitors for the iconic [...]
Competition body slams audit firms February 22, 2013 THE COMPETITION Commission will this morning find that the Big Four accountancy firms have too much control over the industry, and call for measures to encourage Britain’s largest companies to change auditor regularly to boost competition. In its long-awaited provisional report, the commission is expected to find no evidence of collusion, but will raise concerns [...]