Shrygue
January 29th, 2009, 19:16
via Games Industry (http://www.gamesindustry.biz/articles/15-zavvi-stores-shut)
Ernst & Young, administrator of troubled retailer Zavvi, has announced that it is planning to close a further 15 branches.
The closures represent the redundancy of a further 295 employees, however the company will continue to trade with the remaining 48 stores.
"We continue to trade with 48 stores in the UK, however in doing so we have to manage the cost base of the company with a view to maximising returns to creditors," commented Tom Jack, Joint Administrator.
"This includes a constant re-evaluation of our property portfolio in line with trading performance. Consequently, with reducing stock levels we have had to manage our cost base accordingly and close a further 15 stores."
"At this time we are continuing to look to further progress interest from a number of interested parties and consequently do not have a formal closure plan for the entire store network," he added.
"We are extremely grateful to the staff and management at all stores and the head office for their fantastic support throughout this difficult time."
"We would like to thank Job Centre Plus and The Redundancy Payments Office for their continued support in this matter."
Full list of closed stores and employee numbers follows:
Birmingham (29)
Bromley (28)
Canterbury (13)
Colchester (17)
East Kilbride (7)
Exeter (28)
Ipswich (17)
Kensington (15)
Kings Road (23)
Merryhill (21)
Newcastle (31)
Norwich (25)
Oxford (16)
Stirling (8)
Taunton (17)
Ernst & Young, administrator of troubled retailer Zavvi, has announced that it is planning to close a further 15 branches.
The closures represent the redundancy of a further 295 employees, however the company will continue to trade with the remaining 48 stores.
"We continue to trade with 48 stores in the UK, however in doing so we have to manage the cost base of the company with a view to maximising returns to creditors," commented Tom Jack, Joint Administrator.
"This includes a constant re-evaluation of our property portfolio in line with trading performance. Consequently, with reducing stock levels we have had to manage our cost base accordingly and close a further 15 stores."
"At this time we are continuing to look to further progress interest from a number of interested parties and consequently do not have a formal closure plan for the entire store network," he added.
"We are extremely grateful to the staff and management at all stores and the head office for their fantastic support throughout this difficult time."
"We would like to thank Job Centre Plus and The Redundancy Payments Office for their continued support in this matter."
Full list of closed stores and employee numbers follows:
Birmingham (29)
Bromley (28)
Canterbury (13)
Colchester (17)
East Kilbride (7)
Exeter (28)
Ipswich (17)
Kensington (15)
Kings Road (23)
Merryhill (21)
Newcastle (31)
Norwich (25)
Oxford (16)
Stirling (8)
Taunton (17)