Virgin Megastore closes down in France, FNAC also in difficulties

Posted on 07/01/13

Buy Industrial Music CDs at Storming The Base (worldwide shipping!)

Virgin Megastore closes down in France, FNAC also in difficulties

Physical sales of CDs are going way down and after lots of indie stores now also the bigger chains are being shut down one by one and not only in the UK where HMV is swimming the best it can to avoid drowning. In France the Virgin Megastore chain has filed for bankruptcy and closes all of its 25 megastores putting 1000 people on the street. After it was sold in 2008 to venture capitalists, the chain only saw years of losses.

In 2011 the chain still had a revenue of 286 millions Euros, far from sufficient to have all bills paid.

Also the french store FNAC is in trouble. The store jeeps on accumulating losses and will this year cut 80 million Euros in expenses, including 500 jobs worldwide (including 310 in France). Note that FNAC currently has 11.000 people working for them in France alone.

On the other hand Amazon France is doing very well.

Virgin Megastores is an international entertainment retailing chain, originally founded by Sir Richard Branson as a record shop on London's Oxford Street in early 1976. In 1979 the company opened their first Megastore at the end of Oxford Street and Tottenham Court Road. The company expanded to hundreds of stores worldwide in the 1990s, but has lost a large number of stores in recent years, largely with the sale, and eventual closing of the UK, US, Irish, Italian, Spanish, Canadian, Australian, Japanese and now also French stores.

Current operations remain in France, Germany and the Middle East, consisting of around 70 stores.

DOWNLOAD THE FREE 54-TRACK COMPILATION "Matrix Downloaded 003" NOW !

Posted by

Buy Industrial Music CDs at Storming The Base (worldwide shipping!)

59370


More related news :

#366: A life lived announce 2 remix albums
#366: A Life Lived release 'Demo 2013' demo
#366: A Life Lived release EP in October, new video 'Exit Saved' out now
#366: A Live Lived plan 2nd album for Janyary 2014
'A Synthesizer for Christmas' animated Hyperbubble video
'Electro Tribute To Oasis' released on Eternal Sunday Records
'Face The Beat Vol. 1' available now... for free !
'Gangnam Style' parody 'Whitby Gothic Style' goes over 230.000 views on YouTube
'Human Centipede' sequel barred from UK distribution for being 'too obscene'
'I Dream of Wires: Hardcore Edition' to hit stores on DVD and Blu-ray in early December

More headlines

Tympanik Audio to release 5th volume in 'Emerging Organisms' series

READ MORE | Posted on 10/17/14

Chicago-based electronic music label Tympanik Audio is to release volume 5 of their 'Emerging Organisms' compilation series showcasing 30 new and exclusive songs. (...)

C-Lekktor remixed on 'Rewind 10x'

READ MORE | Posted on 10/17/14

Out by the end of this month is a remix CD from C-Lekktor, called 'Rewind 10x'. (...)

First new album in 9 years for French electronic act Mlada Fronta

READ MORE | Posted on 10/17/14

Mlada Fronta, aka French artist Remy Pelleschi, will see its first new material in nearly a decade released via Artoffact Records this Fall and Winter. (...)

Alfa Matrix launches 2nd wave sales, adding 4CD's for only 29,99 EUR (instead of 68,00 EUR)

READ MORE | Posted on 10/16/14

Alfa Matrix offers you the opportunity to purchase lots of their catalogue titles at real bottom price packages. (...)

Totem Obscura hits back with 'Nachtwache' 4-track single

READ MORE | Posted on 10/16/14

Out this Friday is the brand new 4-track single 'Nachtwache' by the German noise industrial electro act Totem Obscura. (...)

New 'Time' video Junksista hits internet + pussy count has started!

READ MORE | Posted on 10/16/14

The brand new Junksista video for 'Time' taken from their current download only single 'Live A Little' has just been launched. (...)

SUBSCRIBE TO OUR DAILY NEWSLETTER

Receive our daily newsupdates in your mailbox :

 

Order your Side-Line merchandise

Side-Line Merchandise shop ORDER NOW:
- T-shirts
- Jackets
- Caps
- Bags
- ...

Worldwide shipping
(within 2 days after payment)

MORE INFO


Advertisers

RECOMMENDED MONEY MAKERS