A Rubery based retailer has gone into administration, just months after being investigated by the FBI.
Trod Ltd, which also trades under the names of Buy 4 Less, Buy For Less, Buy-For-Less-Online, 247 Toys and Global Trader, is based at Frankley Industrial Park.
KPMG Restructuring have been appointed two administrators to Trod Ltd, once awarded Channel Advisor UK Retailer of the Month.
On the 20th January 2016 the Birmingham Mail reported that an FBI-led investigation with West Midlands Police had carried out dawn raids at the business premises and the home address of Managing director, Daniel William Aston.
Assistant Attorney General Bill Baer of the USA Justice Department’s Antitrust Division. “This company and its owner conspired to fix the prices for poster art and consumers unknowingly suffered the consequences.
Daniel William Aston is charged with price fixing in violation of the Sherman Act, which carries a maximum sentence for individuals of 10 years and a fine of $1 million.
Trod Ltd. is charged with one count of price fixing in violation of the Sherman Act, which carries a maximum penalty of a $100 million criminal fine for corporations.
According to KPMG Restructuring there have been no initial redundancies as a result of the administration of the business, that employs approximately 60 members of staff.
Chris Pole, director at KPMG and Joint Administrator, said: “The Company has experienced significant trading difficulties over a number of years”
“We will be trading the business as a going concern while we seek a buyer for the business and its assets”
You can read the Birmingham Mail article here