Micro Anvika Stratford goes titsup - 2012 Games 'boom fell flat'
Samsung takes over branded store in London's East End shopping mall
Micro Anvika Stratford (MAS) is in the process of being liquidated, just months after opening its first Samsung-backed and branded East London store in readiness for the Olympics.
Re10, which was appointed administrator of associated company Micro Anvika, is also handling the affairs of MAS and a creditors' meeting has been called for 5 October.
MAS operated the store on behalf of Samsung, said Gary Rupping, manager at Re10.
He told The Channel that management had expected the store, which was based in London's Stratford Centre, adjacent to the Olympics Park, to benefit from the Games.
"Trade on that side wasn't as strong as they hoped it would be," he said.
MAS directors Atul Patel and Ramesh Gohil are also directors of Micro Anvika, which was similarly hit by declining trade in addition to increasing store overheads and a shift by consumers to online shopping.
Rupping said Samsung has assumed control of the Stratford store operation following the exit of MAS, which takes it into potential competition with retail partners including Dixons.
MAS, which was incorporated in July last year and has not filed company accounts, shared some back office functions with Micro Anvika, including human resources and finance departments. ®