Tuesday, 3 July 2007

Record/ book store Fopp = Closed

Record/ book store Fopp went into administration on Friday, closing 81 stores across the country, citing lack of financial support:

There website fopp.co.uk merely states their great regret as they announce the closure.

“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…
We would like to thank staff and customers for their support over the past 25 years”

It is yet another loss for bricks-and-mortar record shops as retailing goes from strength to strength online…. Is this just a taste of things to come? Or is offshore operation the key to remaining competitive?

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