HMV warns of store closures
HMV could close up to 10 stores across the country unless it can secure new deals with its landlords.
The entertainment retailer has confirmed that an additional three stores will be shut down at the end of January as some shops are no longer viable due to high rents and “extortionate” business rates.
The stores set for closure are HMV shops in Bury St Edmunds and Nuneaton and a Fopp store in Glasgow.
The company is also relocating its stores in Lincoln and Plymouth.
In a statement, HMV said: “There are currently 10 stores where negotiations with landlords are ongoing and we are hopeful of securing new deals. The closures are no reflection on our superb staff and where we are not able to come to a new agreement or relocate staff within the business elsewhere, unfortunately this does mean that some of our staff will lose their jobs.”
HMV was sold in February last year to Doug Putman, the owner of Canadian business Sunrise Records & Entertainment, after the retailer went into administration in December 2018.
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