Real Groovy faces receivership

Real Groovy Records, NZs and definitely Auckland’s favourite record store has gone into receivership.

Managing director Chris Hart told NZPA the receivership was 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.

Real Groovy specialised in second hand sales and only 28 percent was on new products. Although not mentioned as a cause, the declining CD trade would've most definitely played a part, and of course Australian chain JB Hi Fi in New Zealand along with the Warehouse placing price pressures.