Virgin megastore facing liquidation
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VIRGIN MEGASTORES EMPLOYS 1,000 STAFF AT 26 SHOPS AROUND FRANCE - INCLUDING THE GROUP'S FLAGSHIP ON THE CHAMPS STAFF, union representatives and management will meet today to discuss the
fate of Virgin Megastore, which could be placed into administration or liquidation. Virgin Megastores employs 1,000 staff at 26 shops around France - including the group's flagship on
the Champs-Elysées in Paris. The company announced on Friday that it could no longer afford to pay bills or wages, faced with growing competition from digital rivals. It has reduced
headcount by 200 and closed five stores in recent years. Turnover fell from €340million in 2010 to €286million in 2011. Unions are planning a demonstration outside the Champs-Elysées store
on Wednesday.