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Zavvi administrators to close more music stores

Zavvi administrators to close more music stores

British music and entertainment retailer Zavvi will close another 18 stores and cut 353 jobs, the collapsed company's administrators said Wednesday.
Administrators at Ernst & Young, appointed to run the company after it filed for bankruptcy protection on Dec. 24, said they had received many expressions of interest in Zavvi's operations, but did not found a buyer for all the stores.
The administrators said they still hope to all or part of the remaining 74 stores.
Zavvi's flagship store in central London is one of those earmarked for closure.
A week ago, Ernst & Young closed 22 other Zavvi stores and cut 178 jobs.
Zavvi was created just over a year ago by a management buyout of the Virgin Megastores. It was Britain's largest independent entertainment retailer, with some 2,400 permanent staff.
The company was dealt a blow by the November collapse of retailing stalwart Woolworths and Entertainment UK Ltd. (EUK), Woolworths' wholesale supplier of music, DVDs and games.
In addition to supplying Woolworths, EUK also supplied Zavvi, and its demise left the company unable to fulfill customer orders.


Updated : 2020-12-02 20:31 GMT+08:00