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Virgin stores in France to become insolvent

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Compact discs

© Rex Features

Virgin in France is to declare itself insolvent.

A management spokesman confirmed today (January 4) that the company would hold a works council meeting on Monday to make the announcement, AFP reports.

Virgin operates 25 stores in France and employs 1,000 people.

Butler Capital Partners bought 80% of the company from French media giant Lagadere in 2007.

Virgin France had previously been purchased by Lagadere in 2001 from Richard Branson's Virgin Group in Britain.

The company has already moved to terminate the lease on its landmark Champs-Élysées boulevard store in Paris.

In music retail, Virgin Megastores closed all its remaining stores in the US in 2009.

Zavvi, which bought the Virgin Megastores chain in the UK, went into administration in 2008.

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