Blippar, an early augmented reality app that raised more than $130 million in venture funding from investors like Qualcomm and Candy Ventures, announced today that it is "entering into administration" and will be laying off all its employees as administrators appointed by a U.K. court decides what to do with its assets.
'A huge failure' XL's administrators Kroll said in a statement that its numerous businesses "entered into administration having suffered as a result of volatile fuel prices, the economic downturn, and were unable to obtain further funding".
Between October and December 849 companies entered into administration, a fall of 58% year-on-year and the lowest number since the fourth quarter of 2007.
"No redundancies have been made following the company's entering into administration and all staff have been paid in full to the end of October.
After posting losses for more than five years, as well as higher costs and accounting errors, Manganese Bronze, which made ship propellers in the 19th century, entered into administration, the British equivalent of bankruptcy, in October.
Yet it continued to sell vouchers to the public, many of whom were unaware of HMV's parlous financial position, until just hours before the company entered into administration.
And they are all performing below expectations, which is one factor behind the warning from the National Retail Research Knowledge Exchange Centre that more than 200 shopping centers are at risk of entering into administration.
