Walking to The Lawyer’s West End offices off London’s Oxford Street has become a depressing experience, with chain after chain joining the sick list. Last night’s latest casualty was HMV, which failed to avoid administration after eleventh-hour talks with its lenders.
And as the high street burns, lawyers bill. That’s effectively how it’s been going for the past few months as UK retailer after UK retailer files for administration.
November saw electricals chain Comet file for administration, with five firms appointed to advise the Deloitte team overseeing the case. Earlier this month SNR Denton took the role acting for administrators PricewaterhouseCoopers handling the administration of camera store chain Jessops.
Now Linklaters has been appointed to advise another group of Deloitte partners on the administration of HMV, which filed last night after crisis talks with banks. Linklaters has two separate teams acting for the administrators and the banks, including RBS, while legacy HMV adviser Simmons & Simmons is waiting in the wings to see what work it will be handed after years of acting for the famous high street name.
Check out our roundup of administrations from 2012, showing a range of legal advisers from the magic circle to the lower tiers.
The question is, which Oxford Street store will be besieged by reporters next?