MVC in big trouble as Kroll is called in
Retailer MVC, which sells CDs and DVDs, has called in the administrators as tough Christmas trading has threatened its commercial viability.
The firm has suffered from “changing market dynamics” according to administrators Kroll – although this is taken to mean big competition from the supermarkets and increased piracy.
“MVC was spun out of Woolworths in August 2005 and sold to a group of retail investors for £5.5m,” said retail analyst Debbie Harrison. “It has at least 700 staff and 70 stores and this is bad news for everyone at the firm.”
Kroll said the group would continue trading over Christmas and that “no redundancies are planned at the moment”.