RSS feedsMore than 3,500 jobs have been put at risk, as two big retailers have entered into administration.
PricewaterhouseCoopers partners were appointed joint administrators of Greeting Card Group, which employs some 2,500 staff across 470 stores.
Music Zone has also entered administration, with Deloitte partner Bill Dawson appointed administrator. The company employs 1,100 people across more than 100 stores.
A spokesman for Music Zone said the company had 'no real alternative' but to enter administration after its bankers recovered their debts and withdrew credit facilities with immediate effect.
'Music Zone has an excellent store portfolio with a UK-wide footprint covering predominantly prime high street locations,' said Dawson. 'We’re currently trading the business while seeking interested parties to acquire Music Zone as a going concern.'
Greeting Card Group , which operates under brands Cardfair and Card Warehouse, was restructured during 2006 but retail conditions had remained 'challenging'.
'The core stores have been, and are expected to continue to be, successful – as a result we expect to achieve a going concern sale and are currently in talks with a number of interested parties with a view to achieving this,' said joint administrator Mike Jervis.
Further reading:
Christmas excess boosts insolvencies
