Fopp: update

Fopp: update

<p>Music to books retailer Fopp has told the Scotsman that it is in &quot;lengthy negotiations&quot; with its banks, after closing the entire chain down for a full day of stocktaking on Friday.</p><p>The company stated in a brief statement. &quot;We continue genuine and lengthy negotiations with our bank, we are not in administration. Stocktaking is now complete, stores will re-open [Saturday].&quot;&nbsp; It was unclear whether its bankers had insisted on the stocktaking process. </p><p><em>The Bookseller</em> reported one week ago that Fopp had emailed publishers in order to cancel pending and future book orders. The chain said it was a temporary measure as the chain moved warehouses, and just this week moved to reassure publishers that its book retailing business was healthy.<br /><br /><br /><br /></p>