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| Version 2 | Version 3 |
|---|---|
| Zavvi to close another 18 stores | Zavvi to close another 18 stores |
| (about 5 hours later) | |
| The administrators of music, games and DVD chain Zavvi have announced it is closing a further 18 stores with the loss of 353 jobs. | The administrators of music, games and DVD chain Zavvi have announced it is closing a further 18 stores with the loss of 353 jobs. |
| The group's flagship store in Piccadilly in London, which employs 110 people, is one of the shops to go. | The group's flagship store in Piccadilly in London, which employs 110 people, is one of the shops to go. |
| The remaining 74 stores throughout the UK will remain open. The administrator is still hoping to sell the business as a going concern. | The remaining 74 stores throughout the UK will remain open. The administrator is still hoping to sell the business as a going concern. |
| The troubled chain has been badly affected by the demise of Woolworths. | The troubled chain has been badly affected by the demise of Woolworths. |
| "Despite having received in excess of 70 expressions of interest, we have not received any offers for the store portfolio as a whole. | "Despite having received in excess of 70 expressions of interest, we have not received any offers for the store portfolio as a whole. |
| STORE CLOSURES AND JOB LOSSES Basingstoke, 16Belfast (Castlecourt), 22Cambridge, 10Cheshire Oaks (Outlet Village), 11Crawley, 18Londonderry, 15Edinburgh (Gyle), 13Gateshead, 12Glasgow (Argyle St), 18Grimsby, 9Hull, 19Newry, 11Newtownabbey, 11Piccadilly (Tower), 110Romford, 13Stevenage, 10Watford, 24Woking, 11 Previous store closures | |
| "Consequently, with reducing stock levels, we have had to manage the cost base of the business and close a further 18 stores," said Tom Jack at administrator Ernst & Young. | "Consequently, with reducing stock levels, we have had to manage the cost base of the business and close a further 18 stores," said Tom Jack at administrator Ernst & Young. |
| Last week, the administrator closed 22 Zavvi stores. | Last week, the administrator closed 22 Zavvi stores. |
| Zavvi's main supplier was Woolworths' unit Entertainment UK (EUK), which went into administration in late November. | Zavvi's main supplier was Woolworths' unit Entertainment UK (EUK), which went into administration in late November. |
| Since then, Zavvi has had difficulties in sourcing stock and has been forced to enter new trading arrangements. | Since then, Zavvi has had difficulties in sourcing stock and has been forced to enter new trading arrangements. |
| The Zavvi group is the UK's largest independent entertainment retailer. | The Zavvi group is the UK's largest independent entertainment retailer. |
| It was formed after a management buy-out of the Virgin Megastore division of the Virgin Group in September 2007. | It was formed after a management buy-out of the Virgin Megastore division of the Virgin Group in September 2007. |