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Losses cause Dublin Virgin closure

AS Dublin's Virgin Megastore's flagship shop prepares to shut its doors, recently filed accounts show that the Irish retail operation ran up losses of over ?1.2m in the year ending January 27, 2001.

Accounts filed with the Companies Office also show that losses for Virgin Retail Ireland in the previous 12 months were ?2.45m (£1.93m).

The figures show that the operation had a turnover of £18.7m in the year to January 27, 2001, and a turnover of £16.9m in the previous period.

Some 90 people were employed by the company and staff wages, costs and other expenses were £1.6m.

While gross profit was almost £4.8m, net current liabilities were £4.5m. The companies fixed assets were £2.2m, while cash at bank and hand was £197,000.

In the previous 12 months cash at bank and at hand was £4.3m. The Irish company guaranteed bank loans and facilities made to the parent and other subsidiaries of £185m, most of which was secured on group assets.

Virgin Megastore on Dublin's Aston Quay, the company's most high profile store, is currently holding its closing down sale.

There are five other stores in the Republic, including ones located in The Square, Tallaght and Henry St.

The company had a mixed performance since opening in 1986. In its first two years it posted losses, although it did break into profit during some trading periods in the 1990s. Recently, the music industry has been experiencing difficulties.

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