Beleaguered music retailer HMV has announced today the imminent closure of 16 stores in The Republic of Ireland. The closures will affect 300 jobs, the chain has said.
Unlike the chain’s UK stores, the ROI element of the company had failed to find any interested parties to buy the stores, thus leading to the closures.
In a statement, the firm said: “Since his appointment, the receiver has conducted an assessment of the viability of the company and has actively sought a sale. The marketplace is very difficult given competition from web-based retailers and digital downloads, compounded by a number of other factors including high levels of rent. All stores were loss making and it was not possible to attract a purchaser.”
The news follows on from last week’s announcement of 60 additional job cuts, along with CEO Trevor Moore.
