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Retail

HMV to shut 66 stores

HMV to shut 66 stores

Thu 07 Feb 2013 10:19am GMT / 5:19am EST / 2:19am PST
Retail

930 staff to be affected as branches close over the next 2 months

HMV's administrators Deloitte have confirmed that 66 of the retail chains 220 stores will close over the next two months, a move that will affect around 930 members of staff.

"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," confirmed Deloitte's Nick Edwards.

"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."

Edwards did not reveal which stores had been selected for closure, and all stores will continue to trade for the time being.

Last week HMV cut 190 jobs across its head office and distribution network, a move that was live tweeted on the company's official Twitter account by an outraged member of staff.

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