Jan 21, 2013, 05.03 PM | Source: Reuters
VIRGIN-ZELNICK:French music label boss mulls Virgin France offer-paper
Zelnick, who co-founded the first books-to-music Virgin Megastore in France on the Champs-Elysees in Paris in 1988 with British entrepreneur Sir Richard Branson's Virgin Group
Zelnick hoped to get backing for his offer from the French authorities, including the sovereign wealth fund FSI.
Virgin Megastore France filed for bankruptcy on January 9.
A court on January 14 ordered the firm, which operates 26 Virgin-branded stores in France, to be restructured.
Butler Capital Partners bought a majority stake in Virgin Megastore France in 2007 from media-to-aerospace group Lagardere