Thursday, October 16, 2008

Real Groovy in receivership
"Hard times have hit a legendary music shop.Real Groovy has been placed into receivership, after being put up for sale four months ago following a bad foreign exchange deal.Analysts say the company was probably also harmed by the introduction into the market of mega Australian music shop JB Hi-Fi, which is engaged in a price war with The Warehouse.Real Groovy's four stores around the country are still open, but vouchers and credit notes are no longer being accepted and the company is not buying any more second hand albums or CDs." from Newstalk ZB - 16/10/2008 7:32:03

Damn. What am I gonna do without that vast repository of vinyl?

ADDED, from NZPA -"Managing director Chris Hart was in his Dunedin store last night [Wed] carrying out a stocktake, which was also under way at the Auckland, Wellington and Christchurch shops.

Staff referred media queries to the Auckland receivers, John Cregten, and Andrew Mckay, of Corporate Finance Ltd, who were appointed late yesterday by Westpac NZ Ltd.

Their first report on the business is due by Christmas Day, with a further report on the receivership by June 23 next year.

A new company, Real Groovy Christchurch Ltd, owned by Alison Gaye Knight and Paul Patrick Huggins, of Lyttleton, was registered with the Companies Office last week. (link)

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