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Up to 100 HMV stores set close

Up to 100 HMV stores are set to close with as many as 1,500 staff being made redundant, according to reports.

GENERAL MERCHANDISE

Up to 100 HMV stores set close

The Sun newspaper has said that staff at between 60 and 100 of the collapsed entertainment retailer’s 223 stores will be told this week that the stores will be closing once their stock is sold.

The news comes after administrators Deloitte announced last week that 190 staff had been made redundant across HMV’s head office and distribution network.

Administrators were appointed to the 92 year old retailer on 15 January after HMV failed to revive its fortunes over the last year by switching its focus to selling specialist music and DVDS and technology products such as tablet computers, iPods and headphones.

Hopes have been raised of a rescue after Hilco bought HMV’s debt last month, effectively putting the restructuring firm in a prime position to take control of the business.

Theo Paphitis, the owner of Ryman, Robert Dyas and Boux Avenue, is understood to be interested in purchasing some of the remaining HMV stores.


 

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