Friday, 29 June 2007

Fopp closes

Can't say I didn't see this one coming.

From the Fopp website....

"It is with great regret that we announce the closure of Fopp.

Our store chain is profitable, well regarded and loved by our loyal customers and staff. However we have failed to gain the necessary support from major stakeholders, suppliers and their credit insurers to generate sufficient working capital to run our expanding business.

We would like to thank staff and customers for their support over the past 25 years.

Any outstanding website orders have now been cancelled and will not be fulfilled or charged."

It's a genuine shame that a chain store that had such a great, simple pricing structure, that encouraged people to investigate the back catalogues of classic artists has shut down. While the shop assistants have my complete sympathy, the top bosses have only themselves to blame. David Pryde, the MD, is something of a retail genius, but buying the Music Zone stores was a step waaaaaay too far.

Richard Branson failed in an 11th-hour attempt to save the chain, but the Tottenham Court Road and Covent Garden stores are pretty good retail real estate, so I wouldn't be surprised if HMV snapped them up.


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