British retailer Woolworths Group Plc said today (Aug. 1) it had sold its specialist music and DVD chain MVC to a group of retail investment specialists in a cash deal worth £5.5 million ($9.6 mi

British retailer Woolworths Group Plc said today (Aug. 1) it had sold its specialist music and DVD chain MVC to a group of retail investment specialists in a cash deal worth £5.5 million ($9.6 million).

Woolworths announced in March that it was looking to sell off the underperforming unit. It was bought Friday (July 30) by a group of investors led by Chris Steed, managing director of London-based Argyll Partners. As a result of the sale, Woolworths said it would incur an exceptional loss of about £34 million ($59.8 million) for the half year ending July 30.

The sale follows the recent collapse of discussions between Woolworths and potential suitor Music Zone, the independent Manchester, England-based chain.

"The disposal of MVC removes a loss making business from the Group and allows us to be solely focused on our retail business in Woolworths," commented the retail group's CEO Trevor Bish-Jones in a statement to the London stock exchange.

As previously reported, Woolworths will report interim results on Sept. 21 reflecting what it describes as a "difficult" trading climate.