New Zealand Madonna Fan Forum
 
HomeRegisterLog in

Share | 
 

 Real Groovy has gone into receivership

View previous topic View next topic Go down 
AuthorMessage
Corey

avatar

Posts : 58
Join date : 2008-09-09

PostSubject: Real Groovy has gone into receivership   Wed Oct 15, 2008 8:19 am

Seems like it could be the end of an era. Man, I have that store to thank for a lot of Madonna stuff throughout the years, especially before the internet. God I hope it doesn't close it's doors. Crying or Very sad
Back to top Go down
View user profile
lovemadgemadonna

avatar

Posts : 300
Join date : 2008-07-28
Age : 44
Location : auckland

PostSubject: Re: Real Groovy has gone into receivership   Wed Oct 15, 2008 8:24 am

are you taking the piss???? surely you must be kidding??? christ, where am i gonna get my Madge fix for the next 20 years. surely theyll find an able person to take it on? shit, better talk to my boys at rg auckland. i might be able to get the low down. will keep you posted. affraid
Back to top Go down
View user profile
CandyPerfumeGirl
Admin
avatar

Posts : 518
Join date : 2008-07-26
Location : Wellington

PostSubject: Re: Real Groovy has gone into receivership   Wed Oct 15, 2008 8:56 am

omg no way!

Shit, I hope for the best for them (although the closing specials will be phenomenal!) but I would rather have them around than not!

Terrible news, I hope they find a way to stay, it really is disconcerting the rapid disappearance of music stores these days Sad
Back to top Go down
View user profile http://madonnanz.forumotion.net
Guest
Guest



PostSubject: Re: Real Groovy has gone into receivership   Wed Oct 15, 2008 2:35 pm

Yes, blame The Warehouse: who now tell me they are no longer stocking cd singles (don't sell enough).

Story form One News:

Real Groovy strikes sour note
Oct 15, 2008 9:16 PM

New Zealand's largest retailer of new and used music, Real Groovy Records Ltd, has struck a sour note, and gone into receivership.


Managing director Chris Hart was in his Dunedin store on Wednesday night carrying out a stocktake, which was also underway at the Auckland, Wellington and Christchurch shops.


Staff referred media queries to the Auckland receivers, John Cregten, and Andrew Mckay, of Corporate Finance Ltd, who were appointed late Tuesday by Westpac NZ Ltd.


Their first report on the business is due by Christmas Day, with a further report on the receivership by June 23 next year.


Hart says the receivership is a result of problems he signalled in July, when he said a bad foreign exchange deal had left the 28-year-old business in need of capital.


He put the business up for sale after his business partners said they wanted to pursue other interests.


"My personal preference is not to sell at all, and if I could find a business partner with some capital, I'd be here another 28 years," he said at the time.


On Wednesday, he said he was battling to ensure the four shops lived on under new owners, but was not in a position to talk about any transfer of assets to those owners.


"I'm not really in a position to discuss it at the moment," he said. "We're doing our absolute best to ensure all of the shops live on under other owners. It's a difficult time in the economy in general."


A new company, Real Groovy Christchurch Ltd, owned by Alison Gaye Knight and Paul Patrick Huggins, of Lyttleton, was registered with the Companies Office last week.


In July, Hart said finance company collapses had not affected the business, and Real Groovy stores' sales were higher than those of the Sounds music store chain, which shut in November last year after its parent company collapsed owing almost $20 million.


But the arrival of Australian chain JB Hi Fi in New Zealand had triggered a price war between it and The Warehouse - with both chains often selling music for cheaper than Real Groovy could buy it.


But new sales had been only 28% of the Real Groovy trade, which relied most on second-hand sales, where the main competition was Trade Me.
Back to top Go down
WhitePanda

avatar

Posts : 508
Join date : 2008-07-28
Age : 28
Location : Heaven. It's cold up here.

PostSubject: Re: Real Groovy has gone into receivership   Wed Oct 15, 2008 8:51 pm

:'(
Back to top Go down
View user profile http://whitepandamedia.com
CandyPerfumeGirl
Admin
avatar

Posts : 518
Join date : 2008-07-26
Location : Wellington

PostSubject: Re: Real Groovy has gone into receivership   Wed Nov 05, 2008 3:18 am

You know whats is gonna seal their fate, the fact theyre not doing any secondhand trade and not really getting more stock in. I went to the Wellington store and everything is well and truly picked over and no signs of anything new coming in.

Its like a clearance store now, but the new items are still full price and anything secondhand is all but gone.

The beginning of the end.

Whats this JB Hi-Fi that are opening soon? Do they do secondhand stuff?
Back to top Go down
View user profile http://madonnanz.forumotion.net
WhitePanda

avatar

Posts : 508
Join date : 2008-07-28
Age : 28
Location : Heaven. It's cold up here.

PostSubject: Re: Real Groovy has gone into receivership   Wed Nov 05, 2008 4:29 am

No they don't. But they do imports, and they sell their stuff still sealed. I went to the Auckland one when it first opened. They'd ordered a maxi single of "Ray of Light" by mistake instead of the album one, still sealed, in one of those FLP cases (white!). I would've bought it but they were charging full-album price for it (i.e. $25 I think). But last time I went there they'd started selling albums, still sealed, for about $15? I got some fresh and new Stevie Nicks CD's for about $20 all up. They're a thorough wee shop.
Back to top Go down
View user profile http://whitepandamedia.com
Sponsored content




PostSubject: Re: Real Groovy has gone into receivership   

Back to top Go down
 
Real Groovy has gone into receivership
View previous topic View next topic Back to top 
Page 1 of 1
 Similar topics
-
» Real age health tips
» Real age Health tip: Lower your blood pressure.
» Real age: More health tips.
» Billy's Daughter to perform music by Billie Holiday
» Slim Smith 45s Selection!

Permissions in this forum:You cannot reply to topics in this forum
Madonna Fans New Zealand :: MADONNA LOUNGE :: Off Topic Discussion-
Jump to: