Submission + - Major UK music retailer Fopp forced to close (bbc.co.uk)
simonloach writes: Music retailer Fopp has announced it is shutting down its 105 shops, as the firm becomes the latest victim of the slump in CD sales.
On Friday June 22nd 2007 the company closed all branches across the company for 'stock taking' and said they were in talks with their bank. A week later the company announced it was a temporary closure in all its outlets and its online venture. Staff were informed on the 28th by management that they would not be receiving their monthly pay (just hours before payday).
Fopp — known for cheap CDs, DVDs and books — has called in accounting firm Ernst & Young as administrators. "The stores have been closed by management and shop staff sent home," said Colin Dempster, one of the joint administrators at Ernst & Young.
Similar factors led to HMV announcing on Thursday that its annual profits had more than halved.
On Friday June 22nd 2007 the company closed all branches across the company for 'stock taking' and said they were in talks with their bank. A week later the company announced it was a temporary closure in all its outlets and its online venture. Staff were informed on the 28th by management that they would not be receiving their monthly pay (just hours before payday).
Fopp — known for cheap CDs, DVDs and books — has called in accounting firm Ernst & Young as administrators. "The stores have been closed by management and shop staff sent home," said Colin Dempster, one of the joint administrators at Ernst & Young.
Similar factors led to HMV announcing on Thursday that its annual profits had more than halved.
