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Zavvi set for possible administration this week

As the demise of Woolworths continues to impact upon many areas of the UK high street there is serious concern this evening for the future of Zavvi which was formerly known as the Virgin Megastore. As we have covered over the last few weeks, the chain was hit by the demise of Woolworth's UK Entertainment operation which supplied a large percentage of CDs, DVDs and console games to the UK market.

The warning signs with regards to Zavvi appeared a couple of weeks ago when the company stopped taking online orders for CDs, DVDs and console games. The company is now said to be urgently looking at ways of ring fencing millions of pounds of customer's money for those who have paid for goods but not yet received them. This has prompted many to suggest that the company is on the verge of administration and it could come as soon as this week.

The company is said to owe in excess of £100 million to the UK Entertainment group and with no funding available to cover this debt it would appear that the demise of Woolworths could yet bring down another of the U.K.'s well-known stores.

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