 Woolworths wants to focus on its core chain |
High Street retailer Woolworths has sold its entertainment store chain MVC to a group of retail investors for �5.5m ($9.68m). MVC, which sells CDs, DVDs and video games, was put up for sale in March.
It was bought by a group of investors led by Chris Steed, managing director of Argyll Partners.
Woolworths chief executive Trevor Bish-Jones said the sale of MVC would allow the firm "to be solely focused on our retail business in Woolworths".
Woolworths added that the sale of MVC would create an exceptional loss of about �34m in the half year to 30 July.
In April, corporate buy-out firm Apax Partners pulled out of a bid for Woolworths. Some analysts believe its decision was influenced by losses at MVC.
One-Minute World News 
News services
E-mail this to a friend 
Printable version 