Music Zone blames BoI for pulling plug

BRITAIN’S third biggest music retailer Music Zone, which called in the administrators earlier this week, has blamed Bank of Ireland for pulling the plug on the company.

Music Zone, which operates more than 100 stores across Britain, suffered poor Christmas sales. The company said that like many other retailers it experienced difficult trading over the festive season, but was optimistic about the future.

“There is a growing number of high street retailers like Music Zone experiencing challenging trading conditions. Pre-Christmas spending was also poorer than expected. The decision by our bankers to recover debts and withdraw credit facilities without notice and with immediate effect left us and our private equity backers with no real alternative other than to appoint administrators.”