 Fake DVDs and CDs are partly to blame for the firm's troubles |
Retailer MVC has called in the administrators in the middle of one of the toughest festive trading seasons. Administrators Kroll said the firm had suffered "changing market dynamics", namely stiff competition from supermarket and increased pirating.
CD and DVD seller MVC, which was spun out of Woolworths, will keep trading over Christmas, Kroll said.
Woolworths sold the MVC chain to a group of retail investors for �5.5m ($9.68m) in August.
"We're not planning to make any redundancies... and are reviewing options for the business," a spokesman for Kroll said.
MVC has at least 700 staff at about 70 stores and annual turnover of more than �100m ($176m).
One-Minute World News 
News services
E-mail this to a friend 
Printable version 