Economy of the United Kingdom

  1. Zavvi Web Site Revived

    March 03, 2009 12:00 AM EST The joint administrator of U.K. entertainment retailer Zavvi, which ceased trading at its remaining stores on Feb. 20, has sold the Internet rights for the Zavvi name to an online retailer based in Guernsey in the Channel Islands. The Zavvi e-tail ...

  2. Terra Firma Writes Off EMI Investment

    March 03, 2009 12:00 AM EST Terra Firma, the private equity firm which owns EMI, has written off €1.365 billion ($1.718 billion) in its investments. The lion's share of that impairment charge is reportedly down to EMI, which it acquired in August 2007 for £2.4 billion ( ...

  3. Remaining Virgin Megastores To Close, VEGNA To Liquidate

    March 02, 2009 12:00 AM EST The planned closures of the Virgin Megastores in Times Square and Union Square in New York City and the Market Street store in San Francisco are the beginning of the final wind-down of the Virgin Entertainment Group North America. Over the next fe ...

  4. Zavvi Ceases Trading

    February 18, 2009 12:00 AM EST U.K. entertainment retailer Zavvi will disappear from the U.K. high street this week, following the sale of a number of stores to rival HMV and a new venture led by former Zavvi chief executive Simon Douglas. Zavvi will cease trading and all remai ...

  5. Brits Goes Green For CD Compilation

    February 17, 2009 12:00 AM EST Brit Awards organizer the BPI is claiming the two-CD compilation album released to tie in with tomorrow night's (Feb.18) ceremony as a benchmark in eco-friendly album packaging. "The BRIT Awards 2009," released Feb.9 by Sony Music E ...

  6. Deloitte Confirms EUK Stock Sale

    February 12, 2009 12:00 AM EST The administrator of Woolworths distribution arm EUK, has confirmed it has begun the sale of all remaining stock at the company's warehouse. In reply to recent media speculation that the 2.9 million CDs, 1.8 million books and 1.1 million game ...

  7. Zavvi Confirms More Store Closures

    February 05, 2009 12:00 AM EST The joint administrators of U.K. entertainment retail chain Zavvi have announced the closure of a further 17 stores, leading to the redundancy of 242 employees. Among the stores affected are Blackpool, Coventry, Harlow and York. The remaining 31 s ...

  8. Fifteen Zavvi Stores Close

    January 29, 2009 12:00 AM EST The administrators of U.K. entertainment retailer Zavvi have closed a further 15 stores with the loss of 295 jobs. The latest round of closures today (Jan. 29) means there are now 48 U.K. stores still trading. Zavvi went into administration - roug ...

  9. WH Smith Reports 'Challenging' Christmas

    January 27, 2009 12:00 AM EST U.K. retail chain WH Smith PLC has revealed total like for like (LFL) sales were down 5 percent over the 20 weeks to Jan. 17, in the wake of Woolworths-owned distributor EUK's collapse before the busy Christmas shopping period (Billboard.biz, ...

  10. HMV Enters U.K. Live Biz

    January 14, 2009 12:00 AM EST HMV has partnered with venue operator the Mama Group on a joint venture that will see the U.K. entertainment retailer sharing profits at 11 mid- to large-size venues. The 5,100-capacity Hammersmith Apollo will be renamed the HMV Apollo and the agr ...

  11. More Zavvi Stores Close

    January 14, 2009 12:00 AM EST The administrators of U.K. entertainment retail chain Zavvi have announced the closure of a further 18 stores across the country with immediate effect. The remaining 74 stores in the U.K. will continue trading while a buyer is sought. The latest r ...

  12. Zavvi Stores To Close

    January 08, 2009 12:00 AM EST The joint administrators of U.K. entertainment retail chain Zavvi have announced the immediate closure of 22 stores. The store closures will result in the redundancy of 178 employees. The other 92 stores in the U.K. will continue to trade and ther ...

  13. Redundancies At Zavvi

    January 05, 2009 12:00 AM EST More than half of the staff at Zavvi's London headquarters have been made redundant, a total of 69 jobs. The entertainment retail chain went into administration on Dec. 24. The move is roughly equivalent to Chapter 11 bankruptcy protection in ...

  14. Zavvi's Irish Stores In Provisional Liquidation

    December 30, 2008 12:00 AM EST U.K. entertainment retailer Zavvi's Irish stores have been put into provisional liquidation, in line with the situation in Britain. There are 114 Zavvi stores in the U.K. and 11 in Ireland. They employ 2,363 permanent staff and 1,052 temporar ...

  15. Zavvi Stores Refuse Gift Vouchers

    December 29, 2008 12:00 AM EST Customers holding gift vouchers for U.K. entertainment retailer Zavvi have been told to contact the joint administrators for a refund, although not all vouchers will be eligible to be exchanged for cash. Zavvi went into administration on Dec. 24, ...

  16. Ailing Zavvi Calls In Administrators

    December 24, 2008 12:00 AM EST U.K. entertainment retail chain Zavvi, has gone into administration, the U.K. equivalent of Chapter 11 bankrutcy protection. Administrators Ernst & Young said today they intended to trade the 114-store Zavvi UK with a view to selling all or pa ...

  17. Zavvi Denies Emergency Restructuring Claim

    December 12, 2008 12:00 AM EST U.K. entertainment retailer Zavvi has denied media reports that it has agreed to the appointment, by its creditors, of an emergency restructuring team from business advisory firm Ernst & Young. However, a company statement confirmed that Ernst ...

  18. Distributor EUK Winds Down, 700 Jobs Cut

    December 12, 2008 12:00 AM EST Entertainment wholesale distributor EUK has failed to attract a buyer and the business will now be wound down by the administrators. EUK, which was part of Woolworths Group, will continue to operate with a reduced workforce of 375 employees. Seven ...

  19. HMV Posts £27.5m Six-Month Loss

    December 11, 2008 12:00 AM EST Retail group HMV suffered a pre-tax loss of £27.5 million ($41.2 million) in the 26 weeks ended Oct. 25. After the company's interim results were published at 7am GMT this morning, HMV Group shares fell on the London Stock Exchange from last ...

  20. Zavvi Suspends Web Site

    December 02, 2008 12:00 AM EST Following major problems with distributor EUK, U.K. entertainment retailer Zavvi has temporarily suspended its Web site service, as it is unable to guarantee supplies to customers. The Woolworths-owned EUK went into administration along with the g ...

  21. Zavvi Misses Out On Take That, Britney

    December 01, 2008 12:00 AM EST Continuing problems with distributor EUK meant that U.K. entertainment retailer Zavvi did not have stock of major new albums by Britney Spears and Take That on the day both sets were released. As previously reported , EUK is in administration but ...

  22. HMV Unveils Charity Partner

    November 28, 2008 12:00 AM EST Market leading U.K. entertainment retailer HMV and sister company Fopp have chosen children's cancer charity CLIC Sargent as their charity partner for 2008 to 2010. As part of HMV’s bi-annual corporate social responsibility and community enga ...

  23. U.K. Retailers Facing EUK Supply Logjam

    November 28, 2008 12:00 AM EST British entertainment retailers are facing up to major supply problems from EUK, after the Woolworths Group's distributor went into administration along with the company's retail business. It has emerged that EUK has not been making deli ...

  24. Biz Reacts To Woolworths' Woes

    November 27, 2008 12:00 AM EST The U.K. biz is looking at how to deal with the aftermath of Woolworths' retail and distribution businesses going into administration. Woolworths Group ended discussions about the potential sale of its 815 stores last night (Nov. 26). Labels ...

  25. Woolworths Group's EUK Changes Trading Terms

    November 13, 2008 12:00 AM EST British wholesale distributor Entertainment U.K. (EUK), part of the troubled Woolworths Group, has insisted it can operate as normal in the run-up to Christmas. There have been concerns in the biz about EUK's position during the crucial fourt ...

  26. 'Next-Generation’ HMV To Open In London

    October 22, 2008 12:00 AM EDT Leading U.K. music, DVD and games retailer HMV is bringing its new concept “next-generation" store to London after it was successfully trialled in other locations throughout the United Kingdom. The store, located in White City, will be offici ...

  27. HMV Lets Customers Swap Pre-Played Games For CDs, iPods

    October 20, 2008 12:00 AM EDT U.K. entertainment retailer HMV is entering the pre-played games market with its “Re/Play” service, which will launch Oct. 24. Re/Play will launch in 160 stores across the U.K. and Ireland, including flagships in London's Oxford Street, Birmi ...

  28. Clothing Line To Feature Classic Song Lyrics

    October 06, 2008 12:00 AM EDT EMI Music Publishing will license lyrics from classic songs in its more than 1.3 million song catalog to a clothing line operated by the 545-unit UK-based retailer Sainsbury. The merchant's Tu Clothing division, which is featured in 281 of th ...

  29. UKMusic Launches To Represent British Biz

    September 26, 2008 12:00 AM EDT A new organization, UKMusic, has launched with the support of eight trade bodies from the U.K. music industry. UKMusic officially began work on Sept. 25 after British Music Rights (BMR) - which represented the views of composers and songwriters to ...

  30. HMV Joins British Retail Consortium

    September 24, 2008 12:00 AM EDT U.K. entertainment retail chain HMV is to join the British Retail Consortium (BRC). The move will be announced by BRC chairman Sir Geoff Mulcahy at the retail trade organization's annual dinner tonight (Sept. 24). The BRC represents retailers ...

  31. Zavvi's Douglas Steps Up At ERA

    September 18, 2008 12:00 AM EDT The U.K.'s Entertainment Retailers Assn. (ERA) has elected Zavvi managing director Simon Douglas as its chairman for the next year. The unanimous vote was announced at the ERA AGM in London Sept. 17. Ben Drury, managing director of digital do ...

  32. Woolworths Posts Huge Loss

    September 17, 2008 12:00 AM EDT U.K. retail giant Woolworths Group has posted a loss of £99.7 million ($178.04 million) for the six months to Aug. 2. The interim results today (Sept. 17) show that losses have widened from the £63.8 million ($113.95 million) pre-tax loss for the ...

  33. Zavvi Sales Up Despite CD Slump

    September 16, 2008 12:00 AM EDT U.K. entertainment retailer Zavvi says it has marked its first year of operations with a 10.2% like-for-like increase on the previous year for its store sales. The Zavvi group, which rebranded from Virgin Megastore in Sept. 2007 following a manage ...

  34. HMV Sales On The Rise

    September 05, 2008 12:00 AM EDT HMV Group announced 1.3% growth in total sales for the 18 weeks ending Aug. 30, in the first trading update of its current financial year. "In what is a tough consumer environment, the solid start made by the Group to the new financial year m ...

  35. Handleman Co To Sell U.K. Operation To Tesco

    July 30, 2008 12:00 AM EDT Handleman Company is to sell its British distribution business, Handleman U.K., to market-leading British supermarket chain Tesco. The deal is expected to be completed in the coming weeks according to Michigan-based Handleman, and Tesco is set to ...

  36. EMI Confirms Leoni-Sceti Hire, Hands Steps Aside

    July 07, 2008 12:00 AM EDT Guy Hands has added the final touches to his sweeping restructuring of EMI with the appointment of Elio Leoni-Sceti at the helm of its recorded music division. As part of the latest move, announced today, Hands will step aside from his chairmanshi ...

  37. EMI Keeps Mum On Sceti Hire Report

    June 27, 2008 12:00 AM EDT EMI has declined to comment on a published report which claims the music major has poached a key new recorded music executive in the form of Elio Leoni Sceti, a marketing specialist at consumer products firm Reckitt Benckiser. According to the Sun ...

  38. U.K.'s Zavvi Unveils First Product Promo Sale

    June 24, 2008 12:00 AM EDT Leading U.K. entertainment retailer Zavvi has disclosed plans for its first sale since rebranding from Virgin Megastores in Sept. 2007 following a management buy-out. The warehouse clearance sale launches June 26 with more than 600,000 CDs and 200 ...

  39. Tesco, MediaNet Strike Digital Deal

    June 16, 2008 12:00 AM EDT Digital music service provider MediaNet Digital has struck a deal to power Tesco's revamped online entertainment business, Tesco Digital. As reported in April, the British Tesco supermarkets giant had announced grand plans to overhaul its dow ...

  40. HMV Reports Q4 Growth, Positive Outlook

    May 09, 2008 12:00 AM EDT HMV Group today published a healthy report card. The British-based retail giant confirmed a period of double-digit growth to close its financial year, while boasting its revitalizing program was ahead of schedule. In a pre-close trading update, HM ...

  41. Tesco Relaunches Download Site

    April 15, 2008 12:00 AM EDT British supermarkets giant Tesco is getting busy in the download space. The chain will launch Tesco Digital in May, initially offering 3.3 million music tracks. Half of those titles will be in the iPod-compatible MP3 format. Plans are to offer its ...

  42. ISP Talks Up Challenge With BPI

    April 04, 2008 12:00 AM EDT The BPI has challenged Talk Talk to get with the times after the ISP rejected the trade body's attempts to foster dialog between both parties. "In claiming that the music industry is asking any ISP to become the 'Internet police ...

  43. Brit Supermarket Tesco Refutes CD-Pricing Report

    April 02, 2008 12:00 AM EDT Tesco has flatly denied a published report which claimed the British mass merchant powerhouse is applying pressure on labels to drop their wholesale CD prices. "It's a load of nonsense. I don't know where they're getting it fro ...

  44. Williamson Replaces Campkin At Zavvi

    March 19, 2008 12:00 AM EDT Gary Williamson has been promoted to head of music at Zavvi, the British retailer which emerged from the Virgin Megastores U.K. and Ireland chain. London-based Williamson, who retains his current responsibilities as head of related product, succee ...

  45. Madonna Mobile Exclusives Set For Vodaphone

    March 18, 2008 12:00 AM EDT New music and other forms of mobile content from Madonna's upcoming "Hard Candy" album will be available exclusively to Vodafone mobile customers prior to its April 28 release, under a deal formed between Vodafone and Warner Music I ...

  46. Joseph Rises At Universal U.K.

    March 10, 2008 12:00 AM EDT Universal Music Group International chairman/CEO Lucian Grainge has named David Joseph as the new chairman/CEO of Universal Music U.K. London-based Joseph, previously co-president of Polydor Records and president of Universal Music Operations, has ...

  47. IODA Expands Distro Roster

    January 28, 2008 12:00 AM EST Digital distribution company IODA has struck deals with seven new independent distributors. The American companies now distributing through IODA include Darla, Rev Distribution, and Malaco. European signings include German distributor Tesco, as we ...

  48. HMV U.K. Had Happy Holidays

    January 17, 2008 12:00 AM EST HMV Group says it expects its pre-tax profits to be towards the upper end of market expectations after reporting a Christmas sales surge of 9.4% compared to the previous year, while the company's powerhouse music/entertainment chain HMV U.K. ...

  49. Sharkey To Helm British Music Rights

    January 16, 2008 12:00 AM EST Feargal Sharkey has been appointed CEO of British Music Rights and Andy Heath has become chairman of the body, which represents 50,000 U.K. composers, songwriters and publishers. Sharkey, the former Undertones singer and solo artist, has recently ...

  50. Change 'Not Without Pain,' Says EMI’s Hands

    January 15, 2008 12:00 AM EST More details have emerged about the planned restructuring at EMI Group, with chairman Guy Hands urging employees, artists and managers to embrace consumers' needs in the era of digital music. The restructuring follows a three month consultati ...

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