Boo.com demise hurts 'ad industry'

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U.K. e-commerce site Boo.com 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 Boo.com assigned its global campaign to BMP DDB,London. The agency didn't respond by deadline. Boo.com also worked with anumber of agencies around the world, said people familiar with the company.Boo.com's TV campaign featured five computer geeks wearing a mishmash ofBoo.com sportswear attempting to play basketball. Boo.com is one ofEurope's best known dot-coms. KPMG was called in to liquidate Boo.com,which has burned through nearly all the $125 million it raised last year.There are worries that the death of Boo.com could spook an already jitteryEuropean investor community on business-to-consumer dot-coms.

Copyright May 2000, Crain Communications Inc.

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