The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
800 jobs Number of planned job losses
Announcement Date
25 January 2007
Employment effect (start)
25 January 2007
Foreseen end date
Description
800 people accross the UK are set to be made redundant from CD and DVD retailer Music Zone. Administrator Deloitte announced that it had failed to find a buyer for the struggling business and, as a result, it had ceased trading. Music Zone had been struggling against competition from online retailers and supermarkets and went into administration on 3 January 2007. The Stockport-based chain has 104 stores across the UK. Music Zone was bought in a 12 million GBP management buy-out in 2005, backed by private equity firm Lloyds Development Capital. Administrators had said they hoped to find someone to run the company as a going concern, but ran out of time to find a buyer.
In a statement, Deloitte said: 'Whilst discussions continue as regards the business, trading has ceased at this time as there is no certainty that any sale can be achieved.'
Sources
25 January 2007: BBC News
Citation
Eurofound (2007), Music Zone, Closure in United Kingdom, factsheet number 64851, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/64851.
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