Fopp closes after 25 years
After 25 years, Fopp closes. The record shop chain, which was famous for its cheap CD’s and DVD’s has announced that it has had to close.
Fopp had been struggling financially for some time, and had held talks with investment band HBOS about the possibility of carrying the business on, but has reached the decision to close.
A Fopp spokesman said:
'It is with great regret that we announce the closure of Fopp.
Our store chain is profitable, well regarded and loved by our loyal customers and staff. However we have failed to gain the necessary support from major stakeholders, suppliers and their credit insurers to generate sufficient working capital to run our expanding business.
We would like to thank staff and customers for their support over the past 25 years'
Fopp struggled to compete with supermarkets and other retailers offering cheap cd’s and dvd’s, as well as increased competition from internet downloads.