Going for broke - courts can't keep up with company failures

The law can't cope with the number of companies going broke.

It's becoming a world wide picture.

NBR reports Auckland’s High Court has had to schedule extra sessions to cope with the increasing number of companies going under.

The number of businesses being placed into liquidation is rising dramatically as the recession bites: last week in Auckland alone, more than 100 companies were called in court proceedings to be closed or placed into liquidation.

In the UK, a company which broadcasts English Premier League football under the name GTV to tens of thousands of subscribers across Africa has gone into liquidation.

In Minnesota today, the newspaper, the Star Tribune's move to file for Chapter 11 bankruptcy puts 1,400 local workers' jobs in limbo.

Online shopping mall takes a hit

Telecom has had a reality check.

It has decided to close its online shopping mall Ferrit.

“Ferrit has continued to grow during the past three years but the current retail environment has meant the break-even point has shifted out a number of years. The decision has now been made to refocus and resources will be directed to other areas,”

Empty space as retail chains trim their store numbers

The amount of abandoned and empty office, warehouse and business space continues to grow.Watch for two other retail trends in the next few months.

Stores will close - and chains will reduce their number of stores.

Bloomberg reports a prediction from the International Council of Shopping Centers that US retailers may close 73,000 stores in the first half of 2009.

Talbots Inc. and Sears Holdings Corp. are among chains already closing underperforming locations.