Target Entertainment goes into administration

Parent company Metrodome appoints BDO; 'little prospect' of firm returning to profitability.
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Metrodome has confirmed this afternoon that Target Entertainment has gone into administration.

In a statement, the firm said: "Metrodome Group announces that it has taken the difficult decision that Metrodome can no longer continue to provide support to its loss making subsidiary Target.

"Given the tougher than expected trading conditions for Target, as highlighted in the trading update on 21 December 2011, 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. As a consequence, the Target business has been placed into administration."

BDO has been appointed as the administrator.

Metrodome completed the acquisition of Target Entertainment - which manages the licensing for a number of Sony Computer Entertainment properties, including Invizimals - in August 2010.


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