A dismal start to 2013 economically for the Côte d’Azur, with more job losses announced due to the insolvency of Virgin Megastore in France.
Virgin Megastore, who employ around 1,000 people in France, have announced that they will be suspending payments to suppliers, the first step in a court-ordered company restructuring. This is bad news for the store on Avenue Jean Médecin in Nice, where 35 jobs are at stake.
The Megastore in Nice was officially opened in 2002 by the then mayor, Jacques Peyrat, and American Gospel and blues artist, Liz McComb. Approximately €5,000,000 was spent on the refurbishment of the 2,400m2 property at the time.
Originally founded by billionaire entrepreneur Richard Branson, who then sold the chain to Lagardère in 2001, Virgin Megastore has witnessed a major slump in sales of CDs and DVDs in recent times, as customers prefer to download their movies and music.
It has not been confirmed when the Megastore in Nice will be closing their doors, but this news is yet another major blow to the retail sector in the locality.
15, avenue Jean Médecin
Tel: 04 97 03 09 00