Optical Express to Close 40 Stores

A Subsidiary of Optical Express Group is to close 40 stores after administration.

The subsidiary of the spectacles retailer had 80 functional stores open and it is believed that 40 of the 80 stores will now close and be put under the main parent group.

According to representatives within the group there will be no job losses as a result of the administration so this is a positive outcome for the employees of  the subsidiary.

For more detailed information on administration and what is involved throughout the process visit www.companydebt.com or give us a call on 08000 746 757.

Frankfurt-Based Super Club to Enter Administration

The Cocoon Club in Frankfurt Germany is to enter administration after a recent announcement that the club is having difficulties.

DJ Sven Vath thought of the idea and the club was launched back in 2004 with the intention of brining the clubbing fraternity back to Germany. The well renowned DJ remained a partner in the club.

The company is hoping to preserve the club and rescue it from insolvency via a purchase by any potential buyer in the near future.

New Personal Insolvency Law Introduced in Ireland

There has been a new Irish Insolvency Bill installed as recent as the end of June 2012. This new radical legislation is designed to overhaul Irish law on personal insolvency and Bankruptcy.

One major point that has been addressed is the length of a bankruptcy period from 12 years to just 3. Estimates show that around 21,000 people in Ireland could benefit from the new legislation in the coming year.

This insolvency bill comes as a relief for many people in Ireland who are struggling with personal insolvency problems.

Former Sharapova Sponsors in Administration

The previous sponsors of tennis superstar Maria Sharapova have recently gone into administration.

Prince Sports Europe Limited started some time ago in the USA as a tennis ball machine manufacturer and grew to be one of the industries leaders in manufacturing and performance. The tennis firm has recently filed for bankruptcy and administrators were appointed on the 15th of August.

Prince Sports Europe Limited backed plenty of well known tennis players such as Jennifer Capriati, Jimmy Connors, Martina Navratilova and Nikolay Davydenko.

Travelodge CVA Confirmed

With the recent approval of the company voluntary arrangement (CVA) proposal for Travelodge by its creditors, the firm can now begin to restructure its property portfolio.

A huge part of the problem for the Travelodge was the unrealistic lease agreements within the company and the company voluntary arrangement will allow the business to start building off of firmer ground. 

As an alternative solution to liquidation, a company voluntary arrangement allows a struggling firm to trade on through the successful approval and process of the CVA insolvency tool.

For more information on company voluntary arrangement, company liquidation and other insolvency solutions that are available to you visit www.companydebt.com or call us free on 08000 746 757.

Trinity Mirror Hires Ex HMV Boss

Simon Fox, the ex CEO of HMV has been hired as the new boss of media group Trinity Mirror.

Trinity Mirror have confirmed the new appointment very recently after speculation on the news caused discussions over whether it was going ahead.

There has been some concerns voiced through social media forums from shareholders about the new appointment of Mr Fox, given that his two previous appointments have been over some very reputable company's that have now been left in less than optimal financial position.

The last company Mr Fox was CEO of, HMV, saw a 98% drop in share price over the period that he was employed at the company which is almost certainly why there has been so much concern from shareholders of Trinity Mirror over his new appointment there.

Insolvency is a challenging period for any sized business and making the right decisions when it counts is not an easy task for the average person. Getting the correct guidance throughout the more challenging periods is essential for the success of your plan so if your company is struggling with cash-flow problems please get in touch with us sooner rather than later to find out your options at no cost.

Call us on 08000 746 757.

JD Sports Sale Going Ahead

JD Sports has a rugby brand called Canterbury and this is the part that is to be would for around £22.7 million to the retail company Blacks Leisure Group.

The brand Canterbury was established in 1904 in the New Zealand province of Canterbury and has been making and selling rugby tops ever since. It has grown since this date to become one of the worlds largest rugby brands.

The fact that Canterbury has recently secured a long-term agreement as the official rugby football union kit partner will make the deal more attractive to purchaser Blacks Leisure Group.

To compliment our recent internal blog on our website www.companydebt.com this is an ideal situation where a business sale can be a great opportunity for both companies involved, unlike a situation that involves an insolvent company with little chance of success going forward.