The Week: City News - Megastores become Zavvi

The Virgin Megastores chain is to be rebranded as Zavvi after Sir Richard Branson, the Virgin chairman, offloaded the business to its managing director, Simon Douglas, and the finance director, Steve Peckham, for an undisclosed sum. By November, 125 stores will be renamed, while the company's websites and shops in Ireland are set to change in January.