French music label boss mulls Virgin France offer: paper

Virgin Megastore's employees hold placards reading "Yes to culture, No to the closing" as they take part in a protest against Virgin Megastore planned job cuts in front of Paris' Trade courthouse on January 14, 2013. AFP PHOTO / MIGUEL MEDINA

PARIS: Patrick Zelnik, the owner of French music label Naive Records, is considering an offer to buy retailer Virgin Megastore France, which is undergoing a court-ordered restructuring, according to newspaper Les Echos on Monday.

The news comes as British media report that restructuring specialist Hilco is the frontrunner in the battle to save music retailer HMV from administration, with music labels and film studios also preparing a rescue package

Zelnik, who co-founded the first books-to-music Virgin Megastore in France on the Champs-Elysees in Paris in 1988 with British entrepreneur Sir Richard Branson's Virgin Group, told Les Echos he would submit an offer "within two to three weeks".

Zelnik hopes to get backing for his offer from the French authorities, including the sovereign wealth fund FSI.

Virgin Megastore France filed for bankruptcy on Jan. 9.

A court on Jan. 14 ordered the firm, which operates 26 Virgin-branded stores in France, to be restructured.

Butler Capital Partners bought a majority stake in Virgin Megastore France in 2007 from media-to-aerospace group Lagardere , which itself bought the chain from Branson in 2001.

Zelnik could not immediately be reached for comment.





Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (

comments powered by Disqus



Interested in knowing more about this story?

Click here