Zavvi (Virgin Megastores) go bust
Posted by: JamieL on 24 December 2008
www.bbc.co.uk news article
I can't say that I am surprised with the prices of their CDs, and the on-line competition. I don't think the name changed helped, although that was probably one of the conditions Richard Branson made when the management bought themselves out from Virgin.
More worrying to me is that Whittards has gone bust too, their teapots have been great presents for friends over the last couple of years.
Looks like there might be some bargains to pick up in the 'fire sales'.
I can't say that I am surprised with the prices of their CDs, and the on-line competition. I don't think the name changed helped, although that was probably one of the conditions Richard Branson made when the management bought themselves out from Virgin.
More worrying to me is that Whittards has gone bust too, their teapots have been great presents for friends over the last couple of years.
Looks like there might be some bargains to pick up in the 'fire sales'.
Posted on: 24 December 2008 by Lontano
You'll be alright for tea bags for a while yet as Whittards have been bought out by a private equity firm so the business continues.
Posted on: 24 December 2008 by BigH47
I bought 3 CDs and a DVD from Zavvi today and 500gms of coffee beans from Whittards yesterday, both times when I got home the shops had gone into liquidation. Probably best if I stop shopping.
I was going to buy a Powerline next!
I was going to buy a Powerline next!
Posted on: 24 December 2008 by TomK
Much as I feel for the people who are going to lose their jobs, it was a disaster of a shop. Horrible, sterile appearance, poor selection, overpriced, just an overall unpleasant place to be. But as usual it's the poor folk on the shop floor who are going to bear the brunt of it and I wouldn't wish that on anybody.
Posted on: 24 December 2008 by Voltaire
The media will try to convince us that there is a sudden collapse of the retail sector to match the banking sector..the reality is that in dec and jan most retail operations have more cash in the till and less stock on the floor, thus its the perfect time for investors to pull the plug on a long term failing company (like MFI, Zavvi, The Officers Club, etc).
I am a former manager at Whittards and consultant to MFI and I can assure you that the writing has been on the wall for some time. Also, there is a reason that the Kingfisher group (who are highly successful retailers) sold Woolworths and likewise Zavvi by Virgin. Add the Icelandic bank collapse(Iceland has the same population as Bradford so they cant raise money through taxes or borrow based on future income) via The Baugur Group to this melting pot and you have problems.
I am a former manager at Whittards and consultant to MFI and I can assure you that the writing has been on the wall for some time. Also, there is a reason that the Kingfisher group (who are highly successful retailers) sold Woolworths and likewise Zavvi by Virgin. Add the Icelandic bank collapse(Iceland has the same population as Bradford so they cant raise money through taxes or borrow based on future income) via The Baugur Group to this melting pot and you have problems.
Posted on: 24 December 2008 by garyi
Not that we need reminding but Richard Branson is a very clever man.
Posted on: 25 December 2008 by Derek Wright
From what I heard yesterday, Virgin group underwrote some of the Zavvi loan - so RB may get stung by the collapse.
Posted on: 25 December 2008 by jcs_smith
I was in the other day and saw som e obscure stuff being sold very cheap. Expect to see some Sun O))) and various death metal, drum and bass and dubstep for sale on ebay soon
Posted on: 26 December 2008 by Sloop John B
Oh yes he will.
SJB
SJB
Posted on: 27 December 2008 by tonym
quote:Originally posted by Sloop John B:
Oh yes he will.
SJB
Completely off thread but very spooky! As I read your post, guess what track started playing on my "Pet Sounds" Jap CD?
(Cue X Files music...)
Posted on: 27 December 2008 by Blueknowz
I was in the shops in Belfast yesterday not too much evidence of price reductions on the Vinyl front!!
Posted on: 29 December 2008 by gary1 (US)
No surprise there as every store here in the US that I bought CDs from years ago is now gone. Other than on-line my choices are limited to Borders, B&N and the big electronics stores like Best Buy and Fry's electronics. Download and subscription are too easy, especially since most full albums are not worth purchasing and with a service like rhapsody and an mp3 (not ipod) you can download to your device and take with you for $1 or 2 extra per month.
Posted on: 29 December 2008 by GraemeH
quote:Originally posted by TomK:
Much as I feel for the people who are going to lose their jobs, it was a disaster of a shop. Horrible, sterile appearance, poor selection, overpriced, just an overall unpleasant place to be. But as usual it's the poor folk on the shop floor who are going to bear the brunt of it and I wouldn't wish that on anybody.
Completely with you TomK, absolutely horrible.
I was here this time last year:
http://www.overgrownpath.com/2008/05/best-record-shop-in-world.html
and could easily have spent all day and a small fortune. Why can't we sustain businesses like this anymore? The pressures of on-line sales are the same all over the developed world, yet this little gem survives.
They do on-line ordering BTW.
Graeme