BREAKING NEWS: Zavvi sell off saves 600 jobs
THE ADMINISTRATORS of entertainment retailer Zavvi today completed the sell-off of its stores, saving 629 of the 1,075 jobs across the company.
HMV has bought another five stores, taking its total to 19 across the UK and Ireland, securing 380 jobs.
Meanwhile, Head Entertainment, a company set up by former Zavvi chief executive Simon Douglas and business partner Les Whitfield, has bought five stores including the one in Leeds, which employs 24 staff.
The sale of a further three stores to Head is expected to complete this Friday – saving a further 249 jobs. The group has also bought all remaining Zavvi stock.
The stock sale means that Zavvi will cease trading, and the 18 remaining Zavvi stores will close on Friday with the loss of 446 jobs.
Stores to close include Bradford and Sheffield, which employ a total of 36 staff.
Tom Jack, joint administrator at Ernst & Young, said: “This is a fantastic result for the employees and customers of the stores concerned.”
The administrators were advised by DLA Piper in Manchester.
