Ernst & Young has revealed that all remaining Zavvi stores will close on February 20th, with the loss of 446 jobs.
However, five stores have been sold to Head Entertainment LLP – the new venture from Zavvi owner Simon Douglas – with a further three expected to be signed by the end of the week.
This would ensure the transfer of 249 jobs in a deal that also includes the sale of all remaining Zavvi stock.
Head, a business set up by businessman Les Whitfield and Douglas, is expected to continue to trade the stores using the stock purchased in this deal and from other sources.
In addition, another five of Zavvi’s remaining stores have also been sold to HMV, meaning 111 employees will transfer across to HMV immediately. In total, HMV has purchased 19 stores in the UK and Ireland, securing jobs for 380 employees.
However, 18 Zavvi stores – including the flagship former Virgin Megastore on London’s Oxford Street – will close for good.
Tom Jack, joint administrator, said in a statement: "This is a fantastic result for the employees and customers of the stores concerned.
"I would like to thank all of Zavvi's staff and customers for their commitment and continued support for the business throughout the administration.
"Whilst it has not been possible to secure a sale of the business as a going concern, we are delighted to have been able to secure continued employment for 629 Zavvi employees."