So let me get this straight: a bankrupt music and books retailer has been bought out – with name preserved – by a somewhat less troubled music and books retailer? That’s right, the Glasgow-based chain Fopp, which went into receivership earlier this summer, has been partially “rescued” by HMV, according to the BBC. Six stores located in Glasgow, Edinburgh, London’s Covent Garden, Manchester, Nottingham and Cambridge. will be revived and the name will be preserved.
HMV said all six stores it was buying had traded profitably before they were closed and that the deal would save about 70 jobs. “Ownership of the Fopp brand will enable us to preserve Fopp’s unique identity and trading culture,” said HMV spokesman Gennaro Castaldo. “These stores will operate independently of the main HMV chain in order to preserve their distinct customer offer. Fopp is well-regarded by many music and entertainment consumers, enjoying local awareness and appeal and we’re pleased that we will be able to preserve the brand and product offer through the stores and online.” One can only wonder how this arrangement will work out…