Administrators for embattled entertainment retailer HMV are to close 66 loss-making stores in a move that will affect some 930 staff, it has been announced today.
While no fixed date for the closures has been set, Deloitte expects the stores will cease operating “over the next one or two months.”
Deloitte, which was appointed by HMV last month, has now completed its review of the 220-strong store portfolio and explained that the closures were necessary to improve the retailer’s long-term prospects.
Nick Edwards, Joint Administrator, said of the decision: “As part of our ongoing review of HMV’s financial position, we have now completed a review of the store portfolio and have identified 66 loss making stores for closure.
“This step has been taken in order to enhance the prospects of securing the business’ future as a going concern.
“We continue to receive strong support from staff and are extremely grateful to them for their commitment during an understandably difficult period.
“All other key stakeholders remain very supportive and I continue to be hopeful of securing a future for the restructured business.”