Wednesday, January 21, 2009

Retail Implosion

The Times Square Virgin Megastore, which is the highest volume music store in the US, will shut down come April.

Zavvi has announced that it is closing a further 18 of its stores, with the loss of 353 jobs. Zavvi's flagship store in Piccadilly, London is one of the first shops to close, with the loss of 110 staff.

Circuit City has become the latest victim of the economic downturn wreaking havoc on the electronics and music industries. The company issued a press release today announcing it will seek the approval of the Bankruptcy Court to begin liquidating all its assets.

Death of the Compact Disc or the latest sign of a Recession / Depression?

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