Court orders Virgin to liquidate assets

AFP-JIJI

A Paris court Monday ordered entertainment retailer Virgin France to liquidate its assets after it became the latest victim of consumers shifting to buying digital music and video.

The company, which employs 1,000 people in France, had filed for bankruptcy in January and the Paris Commercial Court ruled that it should be put into liquidation after rejecting two buyout bids.

The seller of CDs and DVDs operates 26 stores in France, including its flagship Virgin Megastore on the Avenue des Champs Elysees in Paris.