The financial crisis claimed another high street victim today when entertainment chain Zavvi fell into administration, putting 2,500 jobs at risk.

Ernst & Young formally took charge of Zavvi this morning, just two weeks after being parachuted into the former Virgin Megastore chain to attempt a rescue.

It said it would keep the music chain running while it tries to find a buyer.

Zavvi had been badly hit by the collapse of Woolworths, whose distribution arm, EUK, supplied it with DVDs and CDs. Woolworths’s demise left Zavvi short of stock as it entered the crucial Christmas trading period. In addition, it owed EUK £106m.

Like many other high street chains, Zavvi began offering large discounts at the start of this week in an attempt to get shoppers spending. Source: The Guardian.

The High Street is almost bereft of CD shops these day’s, of the mainstream, only HMV’s left and that’s really a games store these days.