Tuesday, August 16, 2022

HMV to close up to 100 stores

Entertainment retailer HMV is to close as many as 100 stores, causing some 1,500 redundancies, it has been reported today.

Last week, the company, which appointed administrators Deloitte last month, announced 190 head office redundancies and Deloitte warned that job losses were inevitable.

However, between 60 and 100 of the retailers stores are expected to be told this week that they will cease trading once stock is sold, according to The Sun.

A source told the paper: “They cut 190 jobs in the back office last week and they‘re looking at the best way forward for the stores.”

Administrators noted that they remain hopeful of securing a future for the business and identifying a suitable buyer, following news that entrepreneur Peter Jones was one of a number of buyers of collapsed retailer Jessops and intends to run the company as an online only retailer.

Meanwhile, fellow Dragon‘s Den star and Boux Avenue owner Theo Paphitis is said to be interested in taking on remaining HMV stores.

Last month, restructuring specialists Hilco were brought on board to aid administrators and assess the retailer‘s financial situation, though HMV remains in administration pending an offer for some or all of the business.


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