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Tempo starts closing down sale

Everything must go in massive stock sell-off

Electrical retail chain Tempo is today starting a nationwide closing down sale across all its 37 stores after administrators PWC (PricewaterhouseCoopers) failed to find a buyer for the whole of the business as a going concern.

All stock must be sold and will be offered on a first-come, first-served basis.

Tempo went into administration on 24 September in a bid to trade its way out of trouble while PWC sought a prospective buyer.

According to a statement issued by PWC, the administrators anticipate the chain’s stores will be sold off on a piecemeal basis. Up to 800 of Tempo’s employees stand to lose their jobs.

Tempo customers with faulty goods who took out extended warranty agreements between April 1997 and 24 September 2001 won’t be smiling either.

No guarantees are being made if the cost of the repairs exceeds £150. Instead customers are instructed to write to Tempo's head office to add their claims to the list of creditors.

The exception is for customers who took out ‘Instant Replacements’ Coverplan agreements between April 1999 and June 2001, which were underwritten by the insurers London and General Holdings.

Agreements dated after 24 September 2001 are covered by insurance policies issued by Domestic and General and claims will be met by them in the normal course of the terms and conditions of the policy.

What do you think of extended warranties issued by electrical retailers? Good for peace of mind or yet another example of rip-off Britain. Look to your left and take part in our poll.

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