Fopp, the third largest high street music retailer, has launched a strategic review with its bankers as it struggles to cope with tough market conditions. Sunday Telegraph
The company closed its 50 stores on Friday for an extraordinary stock take that rang alarm bells with landlords and advisers.
Gordon Montgomery, Fopp chairman and a major shareholder, denied the retailer is considering calling in the administrators, but he admitted there are problems with falling sales.
'We are experiencing difficulties. However, I can categorically state we will not go into administration,' he said.
Fopp has grown into the largest independent music chain in the country, expanding from five to 50 stores in seven years, including a flagship store on London’s Tottenham Court Road.