facebook
twitter
rss
account
search
search
 

Retailer Virgin France calls it quits

Jan. 5, 2013 at 12:46 PM   |   Comments

PARIS, Jan. 5 (UPI) -- Music retail chain Virgin France said it was closing 25 stores in France and eliminating 1,000 jobs.

The company -- once owned by Richard Branson's Virgin Group, which operates Virgin Atlantic Airways -- has declared itself insolvent, the British Broadcasting Corp. reported Saturday.

Branson sold the brand to Lagardere in 2001 and Lagardere then sold 80 percent of the company to Butler Capital in 2007.

Virgin France is the latest in a succession of music retailers that have closed in recent years, squeezed out by competition from Internet downloading services and discount outlets and supermarkets that now sell CDs.

Increased piracy of intellectual property has also hurt the business, the BBC said.

Tower Records, Our Price, Music Zone and Borders are among the music retailers that have gone under in recent years.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Tesla could face sales ban in Michigan Tesla could face sales ban in Michigan
2
Early completion of refit of Italian aircraft carrier Early completion of refit of Italian aircraft carrier
3
British Reaper UAVs join the fight against Islamic State British Reaper UAVs join the fight against Islamic State
4
Teledyne subsidiary gains contract for submarine work Teledyne subsidiary gains contract for submarine work
5
Don't panic, stocks will rebound Don't panic, stocks will rebound
Trending News
Around the Web
x
Feedback