News
Williams Music goes under
Andy Barrett Mar 13 2007, 3:00pm
The UK’s MI multiple, Williams, was placed under administration as of March 2nd 2007 with the loss of 64 jobs from the 81 employed by the chain.
In a brief statement from the administrator, KPMG, Mark Firman, partner and joint administrator said: “All stores have closed and employees have been sent home while we establish an accurate picture of the current situation. This review will be completed as quickly as possible to minimise uncertainty for the business' staff, customers and other stakeholders.” Firman added, when speaking to MI Pro, that he was still waiting to receive a statement of affairs from the directors of Williams (who voluntarily placed the company in administration) to establish the full extent of the debt involved.
The Stockton-on-Tees based business (which is registered as Geo A Williams & Son Limited) had 13 outlets throughout the UK, predominantly in the north east of England and Yorkshire, as well as the concessions within Music Sales’ Music in Print stores – which have also been closed.
Statements from the directors of Williams and the Music in Print management have yet to be received.
Firman confirmed that KPMG is already in “discussions with interested parties”.
Although there is no way of knowing, a popular assumption will be that Music Sales will be looking closely at the opportunity to further extend the Music in Print chain.
Unofficial sources have suggested that Williams found itself in trouble after trying to compete on the internet through its piedog.com website. The losses incurred here would appear to have destabilised weaker performances on the High Street for Williams. (The piedog site is now down, although canny individuals at Digital Village have picked a prime Google spot for wheres-piedog-gone.com, which navigates directly to the Digital Village website.)
Firman was unable to confirm this appraisal, although he did mention that Williams “recently lost money on an internet venture and experienced poor trading on the high street.” The full implications, analysis and comments from suppliers will be featured in the next, April 2007 issue of MI Pro.
