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Sanctuary seeks £130m rescue
posted by davidt on Monday January 23 2006, @10:00AM

 Belligerent Ghoul sends the link:

Sanctuary seeks £130m rescue - This is Money

Excerpt:

Those close to the company insist that Sanctuary can still survive if the fundraising does not go ahead. But the size of its debt means that its lenders could demand a debt-forequity swap if it fails, since without a further extension to its overdraft Sanctuary will find it difficult to continue trading.

On the plus side, the latest album from The Strokes, First Impression of Earth, is doing well and is likely to sell up to 500,000 copies, while Morrissey, the company's best-selling artist, is expected to launch an album in the spring that could sell up to 800,000.

 
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Sanctuary seeks £130m rescue | Log in/Create an Account | Top | 19 comments | Search Discussion
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The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
Belligerent Fool (Score:0, Flamebait)
Ah, another one of Belligerent Fool's stories straight from Google News (as always). Snore.
Anonymous -- Monday January 23 2006, @10:20AM (#193580)
[ Reply to this comment ]
Sales (Score:1)
For some reason, i thought with all the hype surrounding them that The Strokes had bigger sales. Clearly its what the press wants you to listen to...
Joe mott in the Star has so much to answer for!
L'Estrange -- Monday January 23 2006, @11:24AM (#193611)
(User #1939 Info | http://www.morrissey-solo.com/ )
 L'Estrange
[ Reply to this comment ]
  • Re:Sales by Anonymous (Score:0) Monday January 23 2006, @12:14PM
    • Re:Sales by Johan de Witt (Score:1) Monday January 23 2006, @12:20PM
    • Re:Sales by Anonymous (Score:0) Monday January 23 2006, @12:56PM
      i would not want to work at sanctuary right now (Score:0)
      ... the fate of the company resting on morrissey's album sales? yikes! plus with word that this album resembles southpaw? double yikes!
      Anonymous -- Monday January 23 2006, @01:10PM (#193651)
      [ Reply to this comment ]
      Sanctuary's Biggest Artist (Score:1)
      Is it really Moz?
      Aly Panic -- Monday January 23 2006, @01:23PM (#193655)
      (User #12194 Info | http://www.geocities.com/smithsmoznight )
      [ Reply to this comment ]
      i know it hurts.... (Score:2, Insightful)
      the reason why they are in debt is because they overexpanded too soon. they bought up everything on this planet and subsequently don't have enough money coming in to pay for the goods.

      what they ought to do is sell off some of their stuff to other companies and shrink back down to a more manageable size. i suppose they figure that if they wait long enough that some of this stuff might start turning a profit, but is it worth watching everything go into the toilet just to hold onto everything?
      suzanne <{suzsch} {at} {sbcglobal.net}> -- Monday January 23 2006, @03:22PM (#193683)
      (User #36 Info | http://www.myspace.com/snootywriter )
       I scare dead people.
      [ Reply to this comment ]
      Doomed, truly doomed (Score:2, Funny)
      If their biggest selling artist only sells 800,000 worldwide then they truly are doomed.
      AnthonyGlamour <a_cutt_1981@yahoo.co.uk> -- Monday January 23 2006, @03:39PM (#193686)
      (User #7618 Info)
      [ Reply to this comment ]
      Not truly doomed (Score:2, Interesting)
      Their biggest artist is going to sell 8 million. We'll all buy everything on vinyl, original cd, gold cd release, platinum cd release, cd with videos release, each single release in three formats plus live dvd and cd releases.

      It's amazing how much money 800,000 fans can make.
      ohglen -- Monday January 23 2006, @03:44PM (#193687)
      (User #12046 Info)
      [ Reply to this comment ]
      sanctuary (Score:0)
      sanctuary only deals with the strokes uk record sales. 500,000 in britian is very big. while sanctuary is morrissey's label for most of the world. the strokes despite being fairly talentless sell about 2.5 million worldwide
      Anonymous -- Monday January 23 2006, @08:44PM (#193723)
      [ Reply to this comment ]
        the real culprit... (Score:1)
        I blame James Maker entirely.
        WOX von Wubbins -- Tuesday January 24 2006, @11:44AM (#193798)
        (User #14866 Info)
        [ Reply to this comment ]

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