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HMV administrators announce 190 job losses

Administrators for HMV have announced that 190 redundancies have been made across the company’s head office and distribution network.

GENERAL MERCHANDISE

HMV administrators announce 190 job losses

Administrators for HMV have announced that 190 redundancies have been made across the company’s head office and distribution network.

Deloitte, who were appointed as administrators on 15 January, said that there had been no job cuts across the retail network with all stores remaining open and continuing to trade.

Nick Edwards, joint administrator, commented: "Since our appointment as administrators over two weeks ago, we have been assessing the financial position of HMV. Following this review, a number of redundancies at the head office and distribution centres have been made. Although such decisions are always difficult, it is a necessary step in restructuring the business to enhance the prospects of securing its future as a going concern."

Hopes of a rescue deal have been raised after restructuring firm Hilco bought HMV’s debt  for £40 million, putting it in a prime position to take control of the 92 year old business

Edwards added: "We have been very pleased with the level of interest in the business as a going concern, whilst the response from customers has demonstrated the demand to see HMV remain on the high street. Equally, the support received from suppliers has been very positive and has enabled us to continue trading during the administration. As a result of all of these factors, I remain hopeful we will be able to secure a future for a restructured business."

While workers were being told that they were to lose their jobs some tweeted live from HMV’s company twitter account to tell followers of a "mass execution".

One member of staff tweeted: "We're tweeting live from HR where we're all being fired! Exciting!! There are over 60 of us being fired at once! Mass execution, of loyal employees who love the brand."

The tweets have since been deleted.

 

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