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Retail

37 More HMV stores to close, 464 jobs lost

37 More HMV stores to close, 464 jobs lost

Wed 20 Feb 2013 12:25pm GMT / 7:25am EST / 4:25am PST
Retail

Administrator confirms 103 from 219 shops now marked for closure

Deloitte has announced that it is adding a further 37 stores to the list of HMV outlets to be closed, making a total of 103 from the chain's 219 shops.

464 jobs are going to be lost as a result of the extra 37 closures - no date has been set for the closures or official redundancies.

"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," said Deloitte's Nick Edwards. "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."

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