BusinessBusiness RecoveryTwo-thirds of Music Zone stores sold by Deloitte

Two-thirds of Music Zone stores sold by Deloitte

Stores go to competitor Fopp

Deloitte, the administrator for retailer
Music Zone, has sold 67 of the
company’s 100 stores to competitor Fopp.

The cost of the sale was not disclosed.

Music Zone went into administration in early January after struggling against
competition from the internet and supermarkets.

On 25 January, Deloitte said a buyer hadn’t been found and the company would
close its shops and lay off its 800 staff.

‘This represents a much better outcome for creditors and other stakeholders
than a piece-meal disposal,’ said
Bill
Dawson
, a partner at Deloitte.

Further reading:

End of the track for Music Zone

31 Music Zone retail outlets shut

Music Zone and Greeting Card Group enter administration

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