LDC looks for buyers for its failing music retailer

Music Zone, a UK music and book retailer backed by Lloyds Development Capital in a £12 million (€18 million; $23 million) buyout, is looking for buyers after entering administration.

A spokesman for Lloyds said the toal outstanding creditor debts amount to £28 million.

Music Zone: failing in the face of downloads

Lloyds Development Capital, the private equity arm of the Lloyds TSB Group, bought Music Zone in March 2005 from founder Russ Grainger.