The Virgin Megastores retail chain has left the hands of Richard Branson and the larger Virgin group.
The 125 UK and Irish stores will be re-branded as Zavvi following purchase by a management buyout team led by existing Megastores MD Simon Douglas and finance director Steve Peckham. The UK stores will see a name change by November, followed by the website and Irish stores in January.
Explaining the move, Virgin founder Richard Branson said, “In the last six years, we have been withdrawing from entertainment retailing which is no longer viewed as core to the Group's future. We now choose to franchise our global entertainment retail operations, rather than own them, and this was the last significant Virgin wholly-owned retail business in the world. With that in mind we have agreed to a management buyout with the excellent management team led by Simon Douglas and Steve Peckham. The Virgin brand will continue to be represented in-store through the Virgin Mobile and Virgin Media in-store concessions.”
Comments from Simon Douglas acknowledged current challenges to high street retail, with the director saying, “This deal secures an exciting future for Zavvi and for all our staff, with a real belief that despite escalating competition there is still very much a place on an increasingly homogenised high street for an independent entertainment specialist that puts customers, product, service and personality at the top of the agenda."
High street games retailers have seen much movement of late, with GAME having bought out GameStation, (wildly speculative) rumours of US giant GameStop moving into the UK and a major shake-up at HMV.
The 125 UK and Irish stores will be re-branded as Zavvi following purchase by a management buyout team led by existing Megastores MD Simon Douglas and finance director Steve Peckham. The UK stores will see a name change by November, followed by the website and Irish stores in January.
Explaining the move, Virgin founder Richard Branson said, “In the last six years, we have been withdrawing from entertainment retailing which is no longer viewed as core to the Group's future. We now choose to franchise our global entertainment retail operations, rather than own them, and this was the last significant Virgin wholly-owned retail business in the world. With that in mind we have agreed to a management buyout with the excellent management team led by Simon Douglas and Steve Peckham. The Virgin brand will continue to be represented in-store through the Virgin Mobile and Virgin Media in-store concessions.”
Comments from Simon Douglas acknowledged current challenges to high street retail, with the director saying, “This deal secures an exciting future for Zavvi and for all our staff, with a real belief that despite escalating competition there is still very much a place on an increasingly homogenised high street for an independent entertainment specialist that puts customers, product, service and personality at the top of the agenda."
High street games retailers have seen much movement of late, with GAME having bought out GameStation, (wildly speculative) rumours of US giant GameStop moving into the UK and a major shake-up at HMV.
Companies:
Virgin Retail
Comments
deleted 17 Sep 2007 20:23
1/1
Overpriced, Hyper Mega Amercianised havent got a clue about Games, Movie or Music staff, sell you broadband and mobiles while your trying to buy an album thats half the price on play.com in fact half the price at hmv stores
is gone,
long live the
Overpriced, Hyper Mega Amercianised havent got a clue about Games, Movie or Music staff, sell you broadband and mobiles while your trying to buy an album thats half the price on play.com in fact half the price at hmv stores...
is gone,
long live the
Overpriced, Hyper Mega Amercianised havent got a clue about Games, Movie or Music staff, sell you broadband and mobiles while your trying to buy an album thats half the price on play.com in fact half the price at hmv stores...