700 jobs axed at troubled music chain Fopp

The joint administrators and receivers of independent music retailer Fopp today axed around 700 jobs at the struggling business.

The job losses come after Ernst & Young was appointed on Friday

E&Y sent staff home last week and has appealed for buyers to take on individual stores.

Joint administrator Tom Burton said: “It is unfortunate that we have had to make these redundancies but we are not in a position to re-open the stores until we have the agreement of suppliers who control the licenses to sell stock.”