Well, a bit of good news from the world of music retail. Glasgow based Fopp yesterday announced it was buying 67 of the stores formerly owned by its rival Music Zone, making them, over night, the biggest independent music retailer in the UK.
As previously reported, Music Zone went into administration earlier this year, and formally closed down the whole of its 100+ chain on 25 Jan after a buyer for the company could not be found. Fopp will now take on 67 of Music Zone's stores, saving some 775 jobs that had been lost when Music Zone ceased trading. The deal sees Fopp triple the size of its UK wide empire, going from 35 stores to over 100.
Confirming the deal, Music Zone's administrator, Bill Dawson of Deloitte, told reporters: "We are pleased with the disposal to Fopp, and wish them every success in the future. This represents a much better outcome for creditors and other stakeholders than a piecemeal disposal".