Zavvi ceases trading on High Street

Owner begins new venture under ‘Head’ brand, picking up remaining stock; HMV buys five more stores

Zavvi will disappear from the UK High Street this week, according to administrators.

Ernst & Young has revealed that all remaining Zavvi stores will close on February 20th, with the loss of 446 jobs.

However, five stores have been sold to Head Entertainment LLP – the new venture from Zavvi owner Simon Douglas – with a further three expected to be signed by the end of the week.

This would ensure the transfer of 249 jobs in a deal that also includes the sale of all remaining Zavvi stock.

Head, a business set up by businessman Les Whitfield and Douglas, is expected to continue to trade the stores using the stock purchased in this deal and from other sources.

In addition, another five of Zavvi’s remaining stores have also been sold to HMV, meaning 111 employees will transfer across to HMV immediately.

http://www.mcvuk.com/news/33289/Zavv...on-High-Street