Branson Sells U.K., Ireland Virgin Megastores
September 17, 2007 at 5:30 AM (PT)
Sir RICHARD BRANSON is selling his U.K. and IRELAND retail music business to its current senior management for an undisclosed price. The 125 VIRGIN MEGASTORES in the region will continue to be managed by its current team but will be rebranded as ZAVVI. BRANSON, who sold the 11 store U.S. VIRGIN MEGASTORE chain to RELATED COS. earlier this year, has operated the U.K, VIRGIN chain for 30 years.
Managing Director SIMON DOUGLAS, who will head the operation, said, "We have a workforce of 2,500 people who are absolutely passionate about the products we sell and we will continue to harness that passion and energy and together with an independent ethos and modern outlook, we will deliver a new brand that lives and breathes entertainment and delivers high quality enthusiastic service to existing and new customers."