Virgin Megastore's French Operation Insolvent
Books-to-music retailer Virgin Megastore's French operation plans to declare itself insolvent next week, the latest victim of an industry-wide slump in CD and DVD sales as consumers download more film and music online, Reuters wrote. The plan comes as high street woes intensify in the euro zone's second-biggest economy, where the jobless rate is close to a 15-year high and where shoppers are reining in spending. Virgin France is currently owned by private equity firm Butler Capital Partners, which bought a majority stake in 2007 from French media-to-aerospace group Lagardere, which had bought the chain in 2001.
4 January 2013•2 mins read
