Zavvi goes under on Christmas EveAround 3,000 jobs are at risk after Zavvi went into adminstration this morning. The DVD and music retailer has been in trouble since the collapse of Woolworths; not only was Entertainment UK (the distribution arm of Woolworths) the major supplier to Zavvi, but according to the Guardian, Zavvi owed Entertainment UK over £100million.
Losing such a significant supplier will have no doubt forced Zavvi to try and negotiate terms with other suppliers; not an easy task during a downturn at Christmas.
Zavvi was formed from a management buyout of Virgin Megastores last Christmas. It’s expected the 125 stores across the UK and Ireland will continue trading today and Boxing Day.
Filed under: Death, Economy, Jobs, Money, Recession, Unemployment
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