Don't miss

Replay


LATEST SHOWS

FOCUS

Young Nicaraguans lead protests against President Ortega

Read more

ENCORE!

Music show: Opera singer Lawrence Brownlee, Snow Patrol & Natalie Prass

Read more

TALKING EUROPE

EU Commissioner Johannes Hahn: 'Either we import stability, or we export instability'

Read more

TALKING EUROPE

From Italy to Cyprus via Hungary: A look back at key events in Europe

Read more

BUSINESS DAILY

US-China trade war is 'on hold'

Read more

#TECH 24

Is GDPR a good thing for EU tech companies?

Read more

PERSPECTIVE

'The internet is like water, we need to help children understand how to swim'

Read more

THE OBSERVERS

Horse massacres in Iran, fake news turning deadly in India, and Ivory Coast's drought

Read more

THE OBSERVERS

Iran's violent bird poaching, a Yemeni youth orchestra beneath the bombs, and more

Read more

Business

Entertainment retailer Virgin to declare insolvency

Text by FRANCE 24

Latest update : 2013-01-04

French retailer Virgin, which operates 25 stores in France, is declaring insolvency, a company spokesman said Friday. Virgin has seen plummeting CD and DVD sales due to an increase in the digital transfer of music and films.

Entertainment retailer Virgin, which employs 1,000 workers and 25 stores across France, will declare insolvency, a spokesman said on Friday.

The company has organised a meeting for Monday to announce the insolvency officially.

Virgin, which is controlled by French investment firm Butler Capital Partners, has had difficulties keeping up CD and DVD sales as downloading music and films has become increasingly common.

The lease on the biggest Virgin store in France, on Paris’s famous Avenue des Champs-Elysées, is in the process of being terminated. According to French financial daily Les Echos, a Qatari investment group has put down an offer on the building, prompting a strike by the store’s employees last weekend.

The Champs-Elysées location brings in 20 percent of the group’s sales in France.

Butler purchased 80 percent of Virgin in 2007 from French mass media company Lagardère, which itself had bought Virgin France from Britain's Virgin Group in 2001.

Many music chains have struggled to stay afloat amid the downloading trend, as well as the increase in sales of CDs and DVDs by supermarket chains.

(FRANCE 24 with wires)

Date created : 2013-01-04

COMMENT(S)