BBC Homepage World Service Education
BBC Homepagelow graphics version | feedback | help
BBC News Online
 You are in: Entertainment
Front Page 
World 
UK 
UK Politics 
Business 
Sci/Tech 
Health 
Education 
Entertainment 
Showbiz 
Music 
Film 
Arts 
TV and Radio 
New Media 
Reviews 
Talking Point 
In Depth 
AudioVideo 

Wednesday, 11 October, 2000, 06:24 GMT 07:24 UK
E-tailer Boxman 'facing liquidation'
Boxman site
Boxman is reportedly facing liquidation
The online music retailer, Boxman, is reported to be close to liquidation.

The firm is one of Europe's highest profile e-tailers, and its demise would represent the biggest blow for the under pressure sector since the collapse of Boo.com in May.

According to the UK's Financial Times newspaper the firm has failed to raise the cash necessary to carry on trading.

The newspaper said Boxman's website was suspended on Monday night. They were not accessible on Wednesday morning.

Boxman, like Boo.com a pan-European operation, was forced to abandon plans for a 300m flotation in April following the tech stock tumble in the second half of March.

Herd mentality

Since then investor sentiment has changed towards online retailers, with many finding it difficult to persuade investors to back them.

The earlier strong appetite to invest money had been underpinned by the belief that after two or three years establishing a presence and brand online, e-tailers would be able to start turning in huge profits.

The newspaper quotes Tony Salter, Boxman chief executive, as saying that there could not be a more negative mood towards etailers.

"There is a herd mentality and the herd is stampeding in the wrong direction," the newspaper quotes him as saying.

Boxman was launched in 1997, operates in eight countries and has investors ranging from Madness singer Suggs, Swedish band Roxette and former chief executive of Polygram Alain Levy, it is reported.

Search BBC News Online

Advanced search options
Launch console
BBC RADIO NEWS
BBC ONE TV NEWS
WORLD NEWS SUMMARY
PROGRAMMES GUIDE
See also:

18 May 00 | Business
From Boo.com to Boo.gone
16 Jun 00 | Business
Soros warns on tech stocks
05 Sep 00 | Business
Clickmango goes under
30 May 00 | Business
Dot.com gold rush ends
22 May 00 | Business
Second UK net firm collapses
18 May 00 | Business
The future of e-tailing
Links to more Entertainment stories are at the foot of the page.


E-mail this story to a friend

Links to more Entertainment stories