Selling or refinancing negotiations fall flat
DVD and video retailer and rental company ChoicesUK has announced it is going into administration and trading in its shares on AIM will be temporarily suspended today.
The retailer said in a statement: “The directors have decided that it is in the best interests of the creditors to seek to appoint administrators as soon as possible.”
ChoicesUK, which has 160 stores as well as its e-tail site, warned in a trading update in April that it expected its financial performance to be “substantially below market expectations”.
The directors had hoped to sell or refinance the business as a going concern following April’s statement, but negotiations have failed to produce an agreement “on terms acceptable to all parties”, they said today.
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