Retail news round-up July 30, 2013: Co-op crticised for ‘lads’ mags’ ban threat and collapsed ModelZone owes creditors £11m.
Loaded owner criticises Co-operative Group over ‘lads’ mags’ ban threat
Loaded owner Paul Baxendale-Walker has criticised the Co-operative Group over its demand for modesty bags on some magazines. He said supermarkets should concentrate on concealing harmful foods from the view of children rather than pictures of “a pretty girl in a bikini.
The Co-operative, yesterday, gave publishers of lads’ magazines an ultimatum to cover magazines in “modesty bags” or the magazines will be banished from Co-op’s 4,000-plus stores.
ModelZone collapse leaves creditors with £11m loss
Toy and model retailer chain ModelZone, which collapsed into administration last month, owes £11m to a lender and several suppliers. The retailer, which had 47 stores across the UK, owed more than £9m to Lloyds Banking Group, including its investment arm LDC and £1.5m to its suppliers.
Deloitte, which was appointed as the administrator to ModelZone, hopes to recover around £4m for creditors through the sale of ModelZone’s stock. However, this would still leave creditors with more than £7m of debts unpaid.
Deloitte, so far, has been unsuccessfully looking for a buyer for ModelZone.