The Bookseller reports that in the wake of Fopp‘s bankruptcy declaration, the music retailer has cut 700 jobs — but the store managers have been retained as the administrators look into reopening the shops. Joint receiver and administrator Ernst & Young has also urged any companies interested in taking over the company to contact them. Tom Burton and Colin Dempster from Ernst & Young said that they would be retaining the store managers while they examine the prospects of reopening. Burton said: “It is unfortunate that we have had to make these redundancies but we are not in a position to re-open the stores until we have the agreement of suppliers who control the licenses to sell stock.”
This counteracts, in part, a tip we got yesterday that “all Fopp staff would not be paid” though keeping the managers on only means a fraction of them will get wages…