Published on January 20th, 2009 | by James Smythe0
Another firm bites the dust. Empire Direct in Administration
Well it looks like another firm has suffered from the economic downturn. This time Empire Direct. I am quite surprised as I always thought they were quite a popular but apparently poor Christmas sales have left them with not enough cash to buy new stock.
With turnover of £152m, the company had bank overdrafts of £10.9m at its year end in March last year.
Empire Direct, which is 25 years old and was run and part-owned by Madan Showan, had 14 stores which have now been closed, as well as a large website.