|Fopp Confirms Closure of High Road Store|
Music downloads blamed as administrators are called in
Fopp have confirmed that they are to close all of their 80 shops in the UK including the Chiswick store.
In a statement to Times Online, a spokesperson for the country’s largest music store group said, "It is with great regret that we announce the closure of Fopp. Our store chain is profitable, well regarded and loved by our loyal customers and staff.
"However we have failed to gain the necessary support from major stakeholders, suppliers and their credit insurers to generate sufficient working capital to run our expanding business."
The chain is thought to have over-reached itself with the acquisition of 68 Music Zone stores in February.
All Fopp stores are to close temporarily and some may be re-opened once the administrators have done their job.
Online downloads and fierce competition from supermarket giants have once again been blamed for this latest High Street casualty, Music Zone’s passing was blamed on the same factors.
June 29, 2007