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Article: Boxman battered Richard Fletcher assesses the survival prospects of the latest e-tailer to face collapse
- Article from:
- The Sunday Telegraph London
- Article date:
- October 15, 2000
- Author:
CopyrightCopyright 2000 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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Tony Salter, the chief executive of Boxman .com, has until the
end of the month to find a backer or buyer for the troubled internet
retailer. On Monday he switched off the Boxman website, which sold
videos and CDs in eight European countries, and at the end of the
month the board will ask investors and creditors to approve a
voluntary liquidation if Salter and his advisers have not found new
funding.
Boxman has run out of money and with current market sentiment
towards internet retailers the existing 500 shareholders are
unwilling to bail it out.
"We have until October 30," says Salter. "My problem is that I
feel my timescale is shorter than that. If I am to sell the business
as an on-going ...