295 jobs lost as 15 zavvi stores close
Another 15 zavvi stores close as administrators from Ernst & Young continue to look for a buyer for the stricken retailer
A further 15 zavvi stores have been closed with immediate effect, leaving 48
stores remaining across the UK.
The closures see the loss of 295 jobs, said administrators from Ernst &
Young.
As stock levels fall the administrators looked to cut costs by shutting the
stores.
‘We continue to trade 48 stores in the UK, however in doing so we have to
manage the cost base of the company with a view to maximising returns to
creditors,’ said joint administrator Tom Jack.
With interest from other parties ongoing, the administrators currently have
no formal plan to close the rest of the stores.
They are also working with the Insolvency Service’s redundancy payment office
and Job Centre Plus to support and provide advice to the employees made
redundant.
‘We are extremely grateful to the staff and management at all stores and the
head office for their fantastic support throughout this difficult time,’ added
Jack.
Further reading:
Ernst & Young sells zavvi
stores to HMV
