Bristol's Zavvi shops escape more closures
The 85 staff at Bristol branches of troubled music retailer Zavvi have escaped more store closures today which has seen another 353 jobs lost.
Administrators Ernst & Young has today annouced it will close another 18 more stores, including the flagship Piccadilly store in London which employs 110 staff.
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The Bristol Zavvi Bristol branches, including the The Mall Galleries in Broadmead and the The Mall at Cribbs Causeway, which each employs 27 staff, and Cabot Circus which has 31 employees, are three of the 74 stores which will remain open while a buyer is sought.
Last week, the administrator closed 22 Zavvi stores.
The Zavvi chain has been badly affected by the demise of Woolworths.
Tom Jack at administrator Ernst & Young said: "Despite having received in excess of 70 expressions of interest, we have not received any offers for the store portfolio as a whole.
"Consequently, with reducing stock levels, we have had to manage the cost base of the business and close a further 18 stores.
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.
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.
4 Comments
by JoJo, bristol
Thursday, January 15 2009, 11:44AM
“I am glad the Zavvi workers still have their jobs for the moment. I always found them really nice and willing to help. BEST OF LUCK TO YOU ALL.”
by Mark, Bristol
Thursday, January 15 2009, 1:21AM
“Zavvi has been hugely affected by the supplier problems for Woolies. Its the same supplier.
Mark - if the figures didnt suggest they were worth keeping open then they wouldnt be kept on :p”
by Heavy messing, Bristol
Wednesday, January 14 2009, 7:56PM
“Zavvi made a spectacularly bad business decision when they bought Virgin's stores off Richard Branson just over a year ago. People just don't buy recorded music like they used to before broadband came along. They'd've been doomed to failure credit crunch or not.”
by Mark Scott, Melksham
Wednesday, January 14 2009, 7:16PM
“What is the point of having a shop in BOTH Cabot Circus and The Galleries?
If the Galleries shop wasnt big enough it would have made more sense to rent a larger space in Cabot Circus and close the store, as it stands they are taking trade off each other and both may not be viable.”