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HMV administrators announce 190 redundancies

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Administrators for entertainment retailer HMV have today confirmed 190 redundancies across its head office and distribution network though stressed that all stores remain open and continue to trade.

Joint Administrator Nick Edwards explained that the job losses were inevitable.

“Since our appointment as Administrators over two weeks ago, we have been assessing the financial position of HMV,” he said.

“Following this review, a number of redundancies at the head office and distribution centres have been made.

“Although such decisions are always difficult, it is a necessary step in restructuring the business to enhance the prospects of securing its future as a going concern.”

Deloitte, appointed administrators for the embattled retailer earlier this month, announced the update as disgruntled employees hijacked HMV’s Twitter account to express their outrage over job losses.

Another said: “There are over 60 of us being fired at once! Mass execution of loyal employees who love the brand #hmxXFactorFiring”.

Tweets have now been deleted as the retailer works to save its reputation and place on the high street and Deloitte stated that it is hopeful that the retailer can maintain a presence in the sector.

“We have been very pleased with the level of interest in the business as a going concern, whilst the response from customers has demonstrated the demand to see HMV remain on the high street,” Edwards concluded.

“Equally, the support received from suppliers has been very positive and has enabled us to continue trading during the administration.

“As a result of all of these factors, I remain hopeful we will be able to secure a future for a restructured business.”

Published on Thursday 31 January by Editorial Assistant

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