Special Report:Global Financial Crisis
LONDON, Dec. 24 (Chinese media) -- Music, games and book chain Zavvi went into administration Wednesday, becoming yet another victim of the economic recession in Britain.
The new development will threaten 3,500 jobs, the British Broadcasting Corporation (BBC) reported Wednesday, quoting Ernst Young.
The chain has been greatly affected by the demise of Woolworths,the century-old store which is due to close in early January. Woolworths' unit Entertainment UK was Zavvi's main supplier, which went into administration on Nov. 27.
"Minimal deliveries, no returns and worse trading terms are just some of the areas impacted," joint administrator Tom Jack said.
However, all of Zavvi's stores will be open as normal on Boxing Day for its traditional post-Christmas sale to await the selling of all or part of its business.
The Zavvi group is Britain's largest independent entertainment retailer with 125 stores. It was formed after a management buyout of the Virgin Megastore division of the Virgin Group in September 2007.
Tea and coffee chain store Whittards and men's wear chain The Officers Club also fell into administration this week.
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