Richard Branson’s branded enterprise, which became a major player in music sales, has shut its Champs Elysées flagship store and put 1,000 staff at 25 megastores across the country on the dole. Insolvency proceedings will start on Monday.
Branson sold the business in 2001. It was resold in 2008 to venture capitalists, who have pulled the plug after what they say were years of losses. French music lovers are losing another high-profile destination. Read on here.