EBTM, the e-tailer of music inspired fashion, has applied to appoint administrators to its subsidiaries after failing to raise funding for the businesses.
EBTM made an application to the High Court to place its subsidiaries Mockingbird Distribution and Everything But The Music Limited into administration. No application has been made to put EBTM itself into administration and the board said it was continuing to evaluate its options.
The e-tailer has been in talks with a number of parties to raise funding but said no acceptable proposals had been received that the directors deemed would preserve value for its shareholders. It said: “During this time, the company has continued to experience difficult trading conditions and in particular lower revenues than had been anticipated.”
Further announcements are expected on the business's future in due course.
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