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Real Groovy faces receivership
Thursday, 16th October 2008 12:00PMReal 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.
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At present, retail is down anyway and all the bad press about the 'economic crisis' etc probably has the effect of scaring shoppers away from impulse purchases and luxury items etc.
I remember R.G. Christchurch would often be completely empty on Sunday with moderate-to-slow business during the week really. They have extreme metal, lots of dub and R&B stuff and also fantastic books like the Vice Guide to Sex, Drugs and Rock and Roll. Which is one of the funniest (and most puerile and tasteless) books ever published.
Sounds has gone under as well if I remember - or the CD store or one of them...
That was a sad day... although some good scores from their closing down sale.
They specialise in Vinyl
where can I get my vinyl and my browsing addiction fix?