British music retailer Zavvi said on Thursday that it was shutting 22 stores with the loss of 178 staff as Britain suffers from a deepening economic slowdown.
Despite record consumer demand since Christmas, it is no longer possible to support continued trading across all of the Zavvi stores, said Tom Jack of Ernst & Young – the financial experts tasked with helping to save the group from total collapse.
Unfortunately the current difficulties faced on the UK high street seem to be discouraging retailers from investing in a significant number of new stores, he added.
Zavvi will continue trading at 92 stores, Jack said.
A number of high-profile British retailers have disappeared in recent weeks as Britain stands on the brink of recession. General retailer Woolworths on Tuesday closed the doors on a century of trading.
Meanwhile clothing-to-food retailer Marks & Spencer is cutting up to 1,230 jobs and shutting 27 stores, the company announced Wednesday. -AFP