E&Y appointed receivers at Fopp
E&Y appointed to handle struggling music stores
Music and book store owner Fopp has entered into receivership, and its Music
Zone stores have gone into administration.
Tom Burton and Colin Dempster from Ernst & Young have been appointed
joint receivers and joint administrators of the stores.
Fopp acquired 68 Music Zone stores out of a previous administration, many of
which have now been closed.
There are now 50 Fopp stores and 31 Music Zone stores across the country.
‘The stores have been closed by management yesterday and shop staff sent
home. We are currently assessing the financial position of the companies; once
this has been completed we will have a better idea of the future of the
businesses,’ said Burton.