High Street entertainment retail chain Virgin Megastore France will declare itself insolvent next week, and has taken steps to terminate the lease on its Paris store.
Virgin France - which is not affiliated with Richard Branson’s Virgin Group - currently employs 1000 people. It will unveil a plan to file for payments suspension at a meeting of staff representatives on January 7, a company spokeswoman said.
The French division has been in the red throughout the past four years and piled ...
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