Zavvi to close 22 stores

Zavvi is to shut 22 of its stores with immediate effect after it fell in to administration before Christmas.

The closures mean 178 employees will lose their jobs, on top of the 69 members of staff who were made redundant at head office at the end of last year.
Administrator Ernst & Young will keep the remaining 92 stores open and implement further reductions on already discounted products, with 20 to 50 per cent off across all product lines with effect from Friday January 9.

Ernst & Young said it is still attempting to sell all or part of the business as a going concern and has received 60 expressions of interest.
Ernst & Young joint administrator Tom Jack said: "Despite record consumer demand since Christmas it is no longer possible to support continued trading across all of the Zavvi stores. Unfortunately the current difficulties faced on the UK high street seem to be discouraging retailers from investing in a significant number of new stores.
"However, we intend to continue to trade the remaining Zavvi portfolio with a view to selling all or part of the Zavvi business as a going concern. So far we have received 60 expressions of interest, which we continue to actively pursue. We are extremely grateful to the staff and management at all stores and the head office for their fantastic support throughout this difficult time."

Ernst & Young said it is working closely with the Insolvency Service's Redundancy Payment Office and Job Centre Plus to provide support and advice to all employees made redundant, including a fast track process for paying redundancy entitlements.

Zavvi is pish just now, that glasgow one must need to take in some amount of dough to keep going, wanted 3 CD's last week, Zavvi had none of them, HMV is looking pretty good these days.


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