Virgin Megastore closes down in France, FNAC also in difficultiesPosted on 07/01/13
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.
Posted by B. Van Isacker
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