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EBTM subsidiaries file for administration

The subsidiaries of EBTM, the fashion etailer which sells merchandise inspired by music, have filed for administration.

EBTM said that it had made an application to the High Court to appoint administrators for its principle operating subsidiaries Mockingbird Distribution and Everything But The Music after failing to secure additional funding.

EBTM said that it had engaged in discussions with a number of interested parties to provide funding for the group or undertake a trade sale but that to date, no proposals had been deemed acceptable value for shareholders by the directors.

A statement said: “In this difficult trading environment, the board has sought additional funding but this has not been forthcoming. As a consequence, the lack of funding available to the company has resulted in the operating subsidiaries of the company being unable to continue trading.”

No application has been made to place EBTM, the parent company, into administration.

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