LET'S HAVE SOME FUN

MVC has gone bust.

Music chain MVC files for bankruptcy

LONDON (AFX) - MVC, the music and video chain spun out of Woolworths Group
PLC earlier this year, has filed for bankruptcy, the Financial Times reported.
Administrators Kroll blamed changing market dynamics, including increasing
competition from supermarkets, increased pirating and music downloads from the
internet, and MVCs small size compared to rivals.
They denied management was at fault, the paper reported.
Woolworths sold the loss-making MVC in August for 5.5 mln stg in cash to a
group of retail investors led by Chris Steed, managing director of Argyll
Partners.
The news follows the bankruptcy of off-licence chain Unwins earlier this
week.
amy.brown@afxnews.com
ab/ak