Music Zone hit the buffers on January 3 and this week closed 31 of its 103 stores, making 325 staff redundant. It is understood that the management wants to buy back the retailer in a streamlined format. It is likely it will continue to operate the business through the 60 best-performing stores.
Rival entertainment retailer Fopp is also understood to have bid for the business. An industry source said that Fopp made an offer before the 31 stores were closed and would have rescued the entire portfolio.
Bill Dawson, partner at administrator Deloitte, said the administrators spent a considerable amount of time assessing the viability of the business before making the decision to close any stores. 'We continue to work hard to achieve a positive result for Music Zone,' he said.
No comments yet