U.K. Virgin Megastores Are Sold, Given Horrible New Name

Perhaps visited one night by the grim specter of Tower Records, Richard Branson has finally unloaded the U.K. branches of the Virgin Megastore to a consortium of the company’s upper management who have renamed it…”Zavvi.” This follows the U.S. arm of the chain being perpetually downsized over the last year or two before being purchased by real estate companies looking to squeeze ’em, Gordon Gekko-style. The new U.K. owners are already putting on the brave face:

“We have a workforce of 2,500 people who are absolutely passionate about the products we sell and we will continue to harness that passion and energy and together with an independent ethos and modern outlook, we will deliver a new brand that lives and breathes entertainment and delivers high quality enthusiastic service to existing and new customers,” said Mr Douglas.

Sir Richard’s exit from the music retail business comes as CD and DVD retailers grapple with cut-price competition from websites and supermarkets and rampant piracy. Mr Douglas admitted the marketplace was “challenging” but insisted there is still a place for specialist shops.

“Despite escalating competition there is still very much a place on an increasingly homogenised high street for an independent entertainment specialist that puts customers, product, service and personality at the top of the agenda,” he said.

It’s weird–and perhaps this is because I only have experience with their unnavigable, sensory-overloading, wallet-busting Manhattan branches–but the last thing I think of when I hear “Virgin Megastore” is “unhomogenised” and full of downright-neighborly personality. No word this soon into the buyout on any future closures and/or changes under the new brand name, but it’s safe to say that fearless leader probably had the right idea to finally and fully bail now.

Branson Sells Virgin Megastores [Guardian]