MCV/DEVELOP News, events, research and jobs from the games industry
Asda has claimed that it is buying entertainment stock at the same rate as it did before EUK – its exclusive supplier – went into administration. Asda general manager for music, video and gaming Ferghal Gara told MCV: It’s business as normal at Asda this Christmas thanks to the contingency …
Read More »EUK legacy looms large over frantic market
Suppliers burnt by EUK’s demise disagree over whether to feed Zavvi with Christmas stock that will help it pay off its huge debts. MCV understands that some of the UK’s largest publishers have reclaimed stock from EUK administrator Deloitte and are now trading direct with individual Zavvi stores – after …
Read More »Woolworths demise robs UK of third largest games retailer
The UK faces losing its third biggest video games retailer in the wake of the Woolworths collapse, representing an annual market value of 137 million, MCV understands. Figures from market analyst firm TNS Global show that sales of video games at Woolworths accounted for 8.2 per cent of the total …
Read More »Woolies and EUK: Over 500 suppliers owed cash
The administator in charge of Woolworths has revealed that over 500 suppliers to Woolworths and EUK – including many games publishers – stand to lose money on products sold into both companies. However, joint administrator of Woolworths at Deloitte Neville Kahn said that EUK’s warehouses – which still hold millions …
Read More »Official: Woolies to close in 19 days
The death knell has rung for Woolworths – with administrators Deloitte confirming that all 807 remaining stores will be closed down by January 5th. The first stores will close on December 27th – and in more sad news for the firm, all 27,000 permanent and temporary staff will lose their …
Read More »Zavvi protects cash from administrator
Zavvi has reportedly opened a separate bank account to deposit takings from shoppers who have bought store vouchers. Zavvi believes that the funds will be protected from an administrator if it is forced to cease trading. EUK, the distribution division of Woolworths, is believed to be owed about 100m by …
Read More »EUK: Zavvi clarifies its position
Following news reports earlier today that EUK administrator Deloitte has called in Zavvi’s debt to the distributor, the UK entertainment retailer has clarified its position to MCV. Zavvi has refuted claims that it will be forced into administration by Deloitte, whilst also offering its condolensces to those who lost jobs …
Read More »BLACK FRIDAY: EUK administrator calls in £106m Zavvi debt
Just minutes after news of EUK’s demise – and the loss of around 700 jobs – it has emerged that the distributor’s administrator Deloitte has called in Ernst & Young to restructure Zavvi’s management team in a bid to claw back some 106m owed to EUK. Zavvi, which previously traded …
Read More »EUK: Deloitte to scale down sale efforts
Deloitte, the administrator handling the closure of Woolworths and distribution arm EUK, has confirmed that it is to step down its efforts to try and find a buyer for the distributor. It also confirmed MCV’s earlier report that 700 staff were this morning made redundant, and that a skeleton staff …
Read More »EUK: Mass redundancies announced
MCV understands that workers at the Woolworths-owned distributor EUK have this morning been told that today is their last day in employment, following administrator Deloitte’s failure to find a buyer for the company. It is understood that around 90 per cent of the workforce has been made redundant after a …
Read More »