A former Cartridge World franchise in Britain has closed and entered liquidation with GB£73,000 (US$91,118.6) in arrears.
As reported by Eastern Daily Press, the firm Cracle (trading as Cartridge World Norwich), merged in 2002, was part of the Cartridge World franchise. Cracle refilled and refurbished ink and toner cartridges and sold the products via a shop at a reduced price.
Leading Corporate Recovery (LCR), company supervising the insolvency of Cracle, explains that the margin has shrunk with the size reduction of cartridges. As a result, the business struggled to pay suppliers.
LCR also believes the intensified online competition leads to the closure of Cracle. “Competition with large supermarkets and the growing impact of internet sales meant that the number of walk-in customers began to decline,” said Jamie Playford from LCR. The company was closed on December 31, 2016.
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