Virgin to become Zavvi
Sir Richard Branson has sold 125 Virgin record stores in the UK and Ireland, which will see the Megastores rebranded as Zavvi.
The value of the deal has not been disclosed but the business – sold to a group of senior staff – will continue to be run by managing director Simon Douglas.
He said of the new setup: “We will deliver a new brand that lives and breathes entertainment and delivers high quality enthusiastic service to existing and new customers.”
Sir Richard, facing declining sales as CDs are replaced by online downloads, has already disposed of the music chain across the Atlantic.
The announcement marks the ends of his 30-year relationship with the high street music industry.