Empire Direct Gone into Administration

I've just had an email informing me that Empire Direct have gone into administration - Another casualty of the current recession.

The following information is taken from their website:

"Mark Firmin and Richard Fleming, both of KPMG LLP, were appointed in the High Court as Joint Administrators of Empire Direct Plc on 19 January 2009.
The business is unable to trade in administration due to low stock levels and operating losses and accordingly the stores have been closed. The administrators are working hard to assess the position for customers who have made payments and not received goods. We will endeavour to contact these customers over the next few weeks.
Anyone interested in acquiring any part of the business should contact the administrators forthwith.

If you are a customer then please call the helpline on 08714729000. If you are a supplier then please call the helpline on 08714729001. Alternatively you can send an email to orderqueries@empiredirect.co.uk.

Please note that emails will be responded to as soon as possible, however this may not be on the same day that we receive your query."

To read the rest of this message, go to the Empire Direct website.

I've just a bit more information about this come into my mail box:

"Empire Direct, an electricals retailer, fell into administration on Monday after a poor Christmasfor most stores selling televisions and washing machines was aggravated by the loss of credit insurance.

KPMG, administrator to the company, which employed 350 people, said the "business really suffered when credit insurers withdrew cover in October". Credit insurers insure suppliers against the riskof the retailer defaulting on debt.

The Leeds-based retailer was one of the few specialist electrical chains to have survived thecompetition from Kesa Electricals and DSG International, the owners of Comet and Currys, both ofwhich have seen their own sales come under pressure as consumers refrain from buying "big ticket"electrical and electronic products."

You can read the rest of this story at ft.com