Online music store DJ Download have been placed into administration by the company's directors, although rivals Juno will continue to keep the website afloat.
In a frenzied 24 hours for online music retailer DJ Download, the formerly Ministry Of Sound part-owned store announced that they would enter into administration via an e-mail statement (below), before key competitor Juno stepped in to effectively save them.
"It is with great regret that we have to inform you that DJdownload Limited has been placed into administration by the Directors of the company effective today," read the statement from the company's founder Justin Pearse. "The Directors have worked extremely hard over the past few months to try and save the company: overheads were reduced and attempts to increase revenues were made but ongoing efforts to raise further finance were unsuccessful. Despite their best efforts the company was not able to continue to trade. We would like to thank you for your support and business over the years and we wish you all the best in the future."
Under the newly agreed arrangement, the administrators will still be called in, with the website continuing to trade via Juno's content and administrative guidance. The front-end experience, however, will remain the same, with Juno taking care of all back-end operations.
"DJ Download is a pioneer in digital music and a key player in the dance music business", said Juno founder Richard Atherton. "We believe that with the combined strength of the Juno and DJdownload brands, we can make the download market more competitive and improve customer choice."
20 Comments
