PARIS (AP) - The Virgin Stores chain in France, which includes the flagship Megastore on Paris’ famed Champs-Elysees, plans to file for bankruptcy.
Virgin Stores, which sells music and books, said Tuesday it will make the filing Wednesday. The Tribunal of Commerce will appoint an administrator with 4-6 months to find a solution.
The announcement came after two days of meetings between representatives of the 26-store chain’s 1,000 employees and store officials. A representative of the main shareholder, Butler Capital Partners, was present.
Virgin Store spokeswoman Isabelle Clap said the chain had been hurt by a “series of problems that accumulated.” As sales of CDs declined, the chain failed to expand in digital markets quickly enough.
Clap confirmed Virgin Megastore hasn’t paid rent in 3 months but refused to provide overall debt figures.
By John Solomon
How the government's punishing of the exposure of official wrongdoing can linger for years
Independent voices from the TWT Communities
A carefully guided tour through the confusing world of modern bookselling and publishing.
“Right Angles” explores serious subjects, such as the Islamization of the Middle East and delegitimization of Israel, with humor, candor and a twist.
Columns from Voices around the World talking about the events, people, politics and social issues that concern us wherever, and whoever, we are.
Weekly agitation from a columnist who many believed to be one of the least likely to become known as a Conservative Republican.
Benghazi: The anatomy of a scandal
13 Photos
Vietnam Memorial adds four names
18 Photos
Cinco de Mayo on the Mall
11 Photos
NRA kicks off annual convention
8 Photos
