Sunday, January 06, 2013

Virgin closes in Paris

Who knew - besides the French - that there was still a chain of Virgin Megastores in France?

Not for much longer, though, as the Parisian flagship branch is closing and management are struggling to come up with a plan to keep the other branches going - although it admits this will involve closures and downsizing, even if they can pull it off.

The unions are, understandably, unhappy, blaming the owners - Butler Capital - for not having adapted quickly enough.

Although it's lovely to put the blame on a private equity group (Butler own all but 20% of the company; the other 20% is held by Lagardère, who bought the shops from Branson's Virgin back in 2007), it's selling records in a shop. It's increasingly hard to see how that can work as a mass-market proposition.

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