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Tuesday, 27 September 2011

Sony Centre Owner in Administration

The High Street electronics retailer, Sonex Communications, which operated 15 Sony Centre stores in the UK, has been placed into administration. The company made a pre-tax loss of £2.7m in the 12 months to March on a turnover of £23.8m. The firm has cut costs by withdrawing its concessions from 13 Debenhams stores.

In a statement the company said, "The company is faced with an increase in competition, particularly via the internet and major retailers on the high street, the company's gross margins came under pressure during the financial year."

Sony Europe confirmed that it was "business as usual" for the Sony Centres and said that all orders and warranties relating to Sonex will be honoured.

However, administration can  terminate lease obligations and allow the company to move out of premises.

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