Two-thirds of the staff at EUK, the Woolworths-owned entertainment distributor which is in administration, have been made redundant after no buyer was found for the business.
Administrator Deloitte said 700 employees were axed today.
EUK will continue to operate with a smaller workforce of 375 people while asset values are realised.
Deloitte said it would “scale down” efforts to sell EUK. Joint administrator and Deloitte reorganisation services partner Dan Butters said: “Whilst we continue to consider offers for the sale of the business as a going concern, we will now focus on realising value from the company’s assets.”
EUK was put into administration along with Woolworths’ core retail business a fortnight ago.
EUK subsidiary Bertrams Books and joint venture 2entertain continue to trade as normal.
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