Target Entertainment Goes into Administration

LONDON: Target Entertainment has been placed into administration by its parent company, the Metrodome Group, which says it "can no longer continue to provide support to its loss-making subsidiary."

"Given the tougher than expected trading conditions for Target…the board believes there is little prospect of Target returning to profitability in the near future and, together with its advisers, has conducted a thorough review of the available options for Target," read a statement from Metrodome. "As a consequence, the Target business has been placed into administration and BDO appointed as Administrators of Target," effective from today.

Metrodome Distribution and Hollywood Classics are unaffected by the move and continue to trade as normal. Metrodome acquired Target just 18 months ago, and put the company up for sale about two weeks ago.