White Rabbit Records, former owners of Digital Village, have gone into administration only to immediately reveal that they will now be entirely owned by the German superstore - MusicStore.de.
DV247, as they are now officially called, have only 1 of the original 8 stores leaving many people without jobs. The head branch in Romford remained open as all other stores closed their doors. Rumours are far and wide with many different views on what has happened to the large UK chain but DV247 have issued a statement on their website stating: 'the parent company White Rabbit Records Limited found itself in an untenable situation and went into administration. This led to the unfortunate loss of several fantastic stores and valued staff members, whose hard work will always be appreciated and remembered'.
With the new DV247 brand being a German owned company It is likely that all their product supplies will now also come direct from Germany, seeing as all the warehousing and stock is already over there, and is un-likely to be stock from the UK. This in essence means anyone buying from DV247 is in-fact supplying the German economy of which many on the facebook pages and forums have taken a dim view with quite a backlash of comments and feelings.
The newly updated DV247 website states they are now bigger and better showing thousands of available products, but, the truth is the warehousing and products that are shown are actually over in Germany and not the UK.
In a recent update published by MI Pro, they state that the MIA legal team will be reviewing the SIP 16 report that is set to be published shortly by White Rabbit Records administrators Grant Thornton. This is to ensure that the due diligence applied by Grant Thornton under SIP 16 has been correctly discharged. This Code of Conduct is there to ensure that the sale of the business was achieved in the best interests of both Digital Village AND the creditors.
