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Harry Potter magic too late to rescue Corgi

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Naomi Rovnick

Just a week before Harry Potter and the Half-Blood Prince hits the city's screens, the Hong Kong company that sells toys based on the wizard film series has gone into receivership.

Corgi International ran into cash-flow problems partly caused by Warner Brothers delaying the release of the film, which was originally set to come out in November last year.

The company owns the master licence to sell Harry Potter toys, including figurines of the main characters, in most of the world outside of the United States.

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Corgi is understood to have ordered a major consignment of Harry Potter products early last year. Unable to sell the merchandise, it also could not secure a banking lifeline to keep going because of the credit crunch.

Companies that make toys based on films are highly sensitive to the timing of movie releases. Consumers tend to buy the products just after they have seen the films.

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Corgi is believed to have also had a production dispute with games company Nintendo.

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