Zavvi, the end is near.

Zavvi has denied reports this morning that creditors have drafted in an emergency restructuring team from Ernst & Young as the Woolworths fallout hits the retailer hard.
Deloitte, administrator for Woolworths' wholesale distribution business EUK, and Zavvi's biggest creditor has called in Ernst & Young as the collapse stings the DVD and games retailer, according to The Times.

A spokesman for Zavvi, previously called Virgin Megastores, denied that Ernst & Young had been parachuted into the business.
The Times said Ernst & Young is on standby as administrator if Zavvi cannot repay its £106 million of debt to EUK. Zavvi has suffered widespread supply issues since EUK went into administration and had to cancel some orders.

Zavvi is indicating on its website that it could not take online orders. "We are currently experiencing supply problems and have temporarily suspended orders until the supply situation is resolved," it read.
Sir Richard Branson's Virgin Group could be liable for millions of pounds if the retailer goes bust as it guaranteed Zavvi's orders with EUK. It has underwritten about 60 days of credit for Zavvi, which ends next month.

Zavvi will go tits up for sure in the next week or so, i am surpirsed it took this long for it to go, expensive, crap web presence and a truly terrible name change.
The reason for the name change, Branson new it was on borrowed time and didnt' want failure to be associated with the Virgin name, failure tarnish the Virgin name, no never.
The collapse seems to have been exacerbated by woolies finally kicking the bucket, and there is no place for Zavvi on the high street, it looks like the high street is going to have lots more empty units available after xmas, as a good few more will join the casualties, Envy clothing is next to go.
Thank F**k, apparently demand for new out of town centres has dried up and all building of new ones is getting scaled back for 5 years, i hate them, crap crap places with all the same stores and they all look the same


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