Zavvi set to shut store in Oxford Street

FAILED music chain Zavvi today announced it is to close its Oxford Street store, and will disappear from the high street by Friday.

The company's administrators have already shut the landmark branch in Piccadilly Circus, and a further five shops have been sold to HMV. There will be 140 jobs lost in the Oxford Street branch.

Other smaller shops to close in London are Bishopsgate and Bloomsbury. Watford and Romford have already shut.

The Croydon and Fulham Broadway branches will become HMV stores after their sale by administrators Ernst & Young, who were called in on Christmas Eve. All 39 permanent employees will keep their jobs.

Head Entertainment has bought the Bluewater shopping centre branch, saving 48 positions.

Thousands of Zavvi employees have lost their jobs, but more than 600 are likely to be employed by the new owners of sold stores.

"This is a fantastic result for the employees and customers of the stores concerned," said Tom Jack of Ernst & Young.

"While it has not been possible to ensure the sale of the business as a going concern, we are delighted to secure continued employment for 629 Zavvi employees."