Iconic New Zealand music retailer Real Groovy has confirmed it is seeking an injection of capital.
But the company, which operates four stores in the main metropolitan centres, insists it is still trading successfully.
Real Groovy has been advertised for sale in the New Zealand daily newspapers, but co-owner Chris Hart stresses that it’s business as usual at the chain.
He told Billboard.biz that the company would be able to continue trading even if a sale or a new investor did not materialize. “Our stores are full of good quality stock and lots of customers spending money,” he says.
“It’s no secret that we have been looking to partner with a compatible party for several years. We have simply advertised recently to attract the widest range of choices.”
Real Groovy — which first opened its doors in the early 1980s — deals in both new release and second-hand music and DVD product, books, magazines and other entertainment-related merchandise. The company also operates an online business at www.realgroovy.co.nz, plus two consumer magazines, Real Groove and Groove Guide.
Hart denied that Real Groovy has been hit by the arrival in New Zealand of the Australian chain JB Hi-Fi, which also prides itself as being a range stockist. “We still carry the greatest range of music recordings in Australasia, despite what any of our competitors say,” he says. “But, more importantly, the ability for people to trade their unwanted recordings gives us a huge advantage over all of our competitors.”
It is understood that the ads have already attracted interest from a number of different parties but no announcements are imminent.
