demise hurts 'ad industry'

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U.K. e-commerce site owes $30 million to creditors including "quitea few people in the advertising industry," said one of the accountantsappointed today to liquidate the sports and urban fashion retailer. MickMcLoughlin, a partner of KPMG Corporate Recovery, declined to elaborate ifhe meant ad agencies, media buyers or media owners. The court action comesnearly one year after assigned its global campaign to BMP DDB,London. The agency didn't respond by deadline. also worked with anumber of agencies around the world, said people familiar with the's TV campaign featured five computer geeks wearing a mishmash sportswear attempting to play basketball. is one ofEurope's best known dot-coms. KPMG was called in to liquidate,which has burned through nearly all the $125 million it raised last year.There are worries that the death of could spook an already jitteryEuropean investor community on business-to-consumer dot-coms.

Copyright May 2000, Crain Communications Inc.

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