DVD and CD distributor S Gold & Sons has gone into administration, throwing 120 people out of work.
The Walthamstow-based firm actually ceased trading some time ago, but administrators David Gilbert and Martha Thompson, partners at BDO Stoy Hayward LLP, were appointed joint administrators last week.
The firm employed 142 staff, but 121 were made redundant as a result of a business review.
David Gilbert, business restructuring partner at BDO Stoy Hayward, said: “The business had already ceased trading prior to our appointment. Regrettably, following a review, the majority of the workforce were made redundant. We are now working with company directors to secure a sale of the assets.”
The company last filed accounts for the year ended 31 October 2006 and warned: "Due to increased competition from the internet and the generally competitive nature of the market, most of the industry is suffering from declining margins and reduced selling prices. As such, the long term performance of the company may be affected."
The firm turned over £45m in 2006, down from £47m in 2005, but made a loss of over £300,000. ®