The Works' Books Show Extent of Firm's Collapse ; Retail

Summary

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West Midlands discount book retailer The Works, which collapsed into administration in January, has liabilities of nearly pounds 80 million, with few creditors to get much back, The Birmingham Post can reveal.

But the troubled retailer could yet be saved. In a statement released to the company's creditors, specialist insolvency firm Kroll, acting as administrator for The Works, said it was in negotiations with a potential buyer and expects a sale next week.

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Extract

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The Works' Books Show Extent of Firm's Collapse ; Retail

It noted: "The statement of affairs indicates a significant shortfall to both secured and unsecured creditors. The dividend available to unsecured cred...

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