Results tagged “administration”
It might be the most widely read magazine in the world but that has not stopped the UK arm of Reader's Digest going into administration.
The publisher, based in Westferry Circus, filed for administration today after a deal to save its pension fund collapsed, putting around 135 jobs at risk.
Its collapse came to symbolise the financial crisis and the last remnants of Lehman Brothers is set to disappear from Canary Wharf soon.
The failed bank's administrators will vacate Lehman's former headquarters at 25 Bank Street on March 31 and will stop paying rent on April 1.
Like countless other employees at recession-struck businesses, Citybunker worker Rita Asmanskaja was unaware that the end was near.
Just days before the Cannon Workshops golf bar was padlocked by bailiffs, the front of house worker was arranging events for Valentine's Day.
Administrators have shut down Canary Wharf's Coffee Republic outlet as they continue to look for a buyer for the stricken chain.
The Cabot Place West shop closed two days after the company announced it had gone bust. It was one of ten of the 20 Coffee Republic-owned stores to go, resulting in the loss of 66 jobs.
Falling consumer spending has been blamed for Coffee Republic's descent into administration.
The high street chain announced the news on Tuesday, and job losses appear likely as administrators sift through the performance of each individual coffee shop.
Citybunker has become the latest venue to close its doors during the downturn.
Baliffs marched into the Cannon Workshops bar and padlocked the doors after operator Kar Ventures defaulted on rent payments.
Administrators for Lehman Brothers have admitted some creditors may lose their money.
The European wing of the bank estimated it had a $17billion cushion when it went bankrupt in September, but current caretakers PricewaterhouseCoopers doubt this will be adequate when assets fall and liabilities inevitably rise.
WATCH out HSBC - here come the brides.
A throng of angry married couples stormed Canary Wharf on Wednesday to picket the Canada Square bank about its role in the collapse of online wedding gifts firm Wrapit.
