Zavvi to see a further 18 stores close
Flagship Piccadilly branch closed as administrators struggle to find buyer
Zavvi administrators, Ernst & Young, have announced plans to close a further 18 stores, leading to the redundancy of 353 employees.
Among the sacrificed stores is the troubled retailer's flagship Piccadilly branch, which employs 110 people, in a bid to reduce costs as stock dwindles during the search for a buyer.
"Despite having received in excess of 70 expressions of interest, we have not received any offers for the store portfolio as a whole," commented Tom Jack, joint administrator. "Consequently, with reducing stock levels we have had to manage the cost base of the business and close a further 18 stores."
"We will however continue to trade the remaining Zavvi stores with a view to selling all or part of the Zavvi business as a going concern. We remain optimistic that current sale negotiations will prove successful and that a sale can be achieved."
"We are extremely grateful to the staff and management at all stores and the head office for their fantastic support throughout this difficult time. We would also like to thank Job Centre Plus and The Redundancy Payments Office for their continued support."
Following on from news last week, that 22 branches were to be closed, the remaining 74 stores will remain open for business across the UK.