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Trade News Archive 2009 January February March
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17th February 2009
Failed wholesaler auctioning stock
The administrator for EUK is planning to auction off stock that has been sitting in the entertainment wholesaler's warehouse since it fell into receivership, it has been reported.
According to Cue Entertainment, Deloitte is accepting tender offers for the products, which include 1.1 million games, 2.9 million CDs and 1.8 million books.
The news provider suggested that a list of the warehouse's contents has already been sent out to retailers and overstocks specialists.
If such a fire sale goes through, it could further undermine the already deflated prices of CDs and DVDs in the retail sector.
Speaking to MCV on the matter, one publisher said: "We should be fine, but I worry about other suppliers and their right of ownership to this stock.
"It all depends on the deal they had with EUK before they went under."
EUK fell into administration with the rest of the Woolworths group in November, 2008.
Although the high street chain's 800 stores were closed during the Christmas period, it was announced this month that the Woolworths brand will be relaunched by Shop Direct Group as an online retailer in summer 2009.
(c) 2009
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