Musically Yours of Cannock is the latest UK MI store to face liquidation.
Insolvency Practitioners Direct (IPD) of Stoke on Trent was appointed liquidator and an estimated total of £58,439 was owed to creditors, of which £21,418 was owed to the trade. Unsecured creditors were expected to receive a dividend of some 60 per cent of their claim.
The business started trading as a partnership between directors Bohdan Wuk and Stephen Wuk in 1984. A decline in discretionary spending due to the recession, an inability to reduce costs any further and failure to secure refinancing options were cited as reasons for the business' decline.
Full details on the company's liquidation can be found here.
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