Feeds

Sonex calls in administrators

Parent of 15 Sony Centres runs out of cash

Security for virtualized datacentres

Sonex Communications has called in the administrators to seek a way forward for its 15 ailing Sony Centres.

The firm called in BDO LLP on 13 September after running into financial difficulties, but is continuing to trade with, as yet, no staff redundancies, according to a spokeswoman at Sony.

"Sony Europe will be examining options for the business and the stores moving forward, the details of which will remain confidential until a conclusion is reached", said Sony in a statement sent to The Reg.

"In the meantime all the stores will continue to trade as normal and all product warranties and customer orders related to Sonex Communications-operated stores will be honoured," it added.

Signs that things had gone pear-shaped in Sonex could be seen in its results for the year ended 31 March 2010, when sales slumped by 20 per cent to £24m and losses increased to £2.7m compared to £300,000 the year before.

This is despite the firm shedding £1m in overhead expenses by "efficiency improvements" and cutting stock levels to a more "sustainable level".

Alongside the numbers, Sonex bemoaned the perilous state of consumer spending on the high street, banks' reluctance to extend credit terms and increased competition from online shops and major retailers.

Sonex had operated 13 Debenhams concessions but decided to close these in the last financial year, which ended last March, along with three Sony stores, and had further proposals to slash overheads but it seems these did not work.

BDO did not respond to call for comment. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.