TheShoppingMatrix.com faces liquidation

Local e-tailer, TheShoppingMatrix.com, is on the verge of liquidation. The website has been offline since the start of this month and Ster-Kinekor, a creditor, has brought an application for liquidation. Founder and shareholder Andro Engelbrecht, who resumed control of the company two months ago, says he stepped in too late to save TSM, and that he will not oppose the proposed liquidation application as he believes it would be in the best interests of creditors at this stage. He also says that it's "disappointing" that former CEO Wayne Smith has launched an opposition site, www.take2.co.za, that also sells DVDs, games and electronic goods.