Zavvi slashes prices by up to 50%All Zavvi stock will be reduced by at least 20%

09 January 2009

Zavvi store

Entertainment store Zavvi will begin cutting the prices of all its in store items by up to 50% from Friday 9 January. 

The former Virgin Megastore chain says that it will reduce all in-store items by at least 20% and reductions will be on top of previously discounted prices.

Zavvi called in administrators before Christmas after it was crippled by the collapse of Woolworths' Entertainment UK division.

Zavvi stores to close

Administrators Ernst & Young also announced the immediate closure of 22 Zavvi stores, including branches in Liverpool (Clayton Square), Ashford and Chatham. 

Zavvi's remaining 92 stores will continue to trade while administrators try to sell the chain as a going concern.

Tom Jack, joint administrator from Ernst & Young, said: 'Despite record consumer demand since Christmas it is no longer possible to support continued trading across all of the Zavvi stores.

'However, we intend to continue to trade the remaining Zavvi portfolio with a view to selling all or part of the Zavvi business as a going concern. So far we have received 60 expressions of interest which we continue to actively pursue.'

Zavvi gift vouchers

Zavvi previously announced it will no longer accept Zavvi gift vouchers or gift cards.

Consumers who have bought or received Zavvi gift vouchers or gift cards for Christmas may struggle to get their money back.

Shoppers holding gift vouchers and cards bought on or after 27 November 2008 should get their money back, although the vouchers can't be spent in Zavvi stores.

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