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HMV to close a further 37 stores


Administrators for beleaguered entertainment retailer HMV have confirmed today that a further 37 stores are to close, affecting over 450 staff.

Deloitte, which was called in by the retailer early last month as it collapsed into administration amid tough trading conditions, said that no fixed date has been set for the closures.

However, it is expected that trading will cease within the next four to six weeks in order to align these with the 66 store closure identified earlier this month.

Some 464 staff will be affected by the closures and this follows a move by axed HMV employees last month as they took to Twitter to air their anger at the “mass execution of loyal employees who love the brand”.

Commenting on the latest closures, Nick Edwards, Joint Administrator, explained: “As part of our ongoing review of HMV’s financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure.

“This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern.

“Together with the previously identified 66 closures, this restructuring will result in a residual portfolio of some 116 stores.

“We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period.

“All other key stakeholders including suppliers and landlords remain supportive and we appreciate their ongoing assistance.”

Published on Wednesday 20 February by Editorial Assistant

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