Administrator Deloitte issued a statement detailing the collapse of the retailer yesterday evening. “It has not been possible to find a buyer for the business in the time available and it is no longer viable to continue trading,” it read.
Despite attempts to rescue the chain last week by cutting staff and closing stores, it seems Music Zone, which has only recently entered the super-competitive video games market, was beyond rescue.
With supermarkets and major High Street chains like HMV and Virgin embroiled in a pricing war and brick and mortar music retail revenues falling thanks to the rise of downloads, Music Zone becomes one of the first high profile victims of the changing retail climate.
It had only recently bought out fellow struggler in the entertainment sector MVC, leaving 72 stores to be closed after the initial closure of 31 outlets last week.
Advertisement
