Gak Music Emporium in Brighton, one of the country’s leading musical instrument shops, filed for insolvency on April 15 – ending weeks of speculation about the business’s future.
Standing for Guitar, Amp and Keyboard, the North Laine shop has been closed since Tuesday, March 25.
The website for the store, gak.co.uk, went inactive in early April, with a message saying it is “currently unavailable”.
Read more: Gak employee speaks out as Brighton store in administration
Now the website redirects to Gear4music, describing itself as the UK’s “largest retailer of musical instruments and music equipment”.
According to Shares Magazine, Gear4music has purchased stock with a cost value of £1.8 million, together with “certain intangible assets including websites, trademarks, and commercial data, for a total consideration of £0.6 million”.
This comes after stock was seen being boxed up and loaded onto vans last week.
The magazine reported: “For clarity, Gear4music is not acquiring any part of GAK’s trading business, nor any other assets or liabilities, and has no current plans to use the GAK trading name.”
A spokeswoman for Gear4music said: “The company has entered insolvency and appointed an insolvency practitioner.
“Its assets, including stock, branding, and websites, have been sold to Gear4music.com.
“The original company, however, still legally exists and remains responsible for its liabilities, but may not have funds to meet them.”
Source link
[Featured]
[Just In]
