Deathwatch: CDiscount call in the liquidators
CDiscount, the online retailer that is huge in France and Germany, has had its wings clipped in its attempt to capture the UK and Ireland market – liquidators have been appointed as the company has been declared insolvent.
In spite of their rampant success on the continent, the UK and Ireland version was set up as a stand-alone company, so the trouble it has got itself into since launching in December 2008 is all its own doing and has excess liabilities to the tune of €8.2 million.
Ironically, the petition for the liquidation order is… CDiscount SA, based in Bordeaux, France, who claim they are owed €4.6 million. You’d think they’d be able to sort it out like family should but there’s clearly no room for sentiment in business these days.
Eyebrows were raised at the beginning of October when the company scrapped their ‘3 Pay’ scheme, which allowed customers to pay for goods in three monthly, interest-free payments. Seemingly, the CDiscount bean-counters could see which way the wind was blowing.
At this point in time, the cdiscount.co.uk site seems to be operating as normal, although you’d have to have nerves of steel to order something from them over the next few days.
(Thanks to HUKD member Stigma for the tip off)