Bankrupt entertainment retailer HMV are to close 66 stores, making 930 employees redundant, administrators have announced.
Administrators for the beleaguered chain have said:
“As part of our ongoing review of HMV’s financial position, we have now completed a review of the store portfolio and have identified 66 loss making stores for closure. This step has been taken in order to enhance the prospects of securing the business’ future as a going concern.
We continue to receive strong support from staff and are extremely grateful to them for their commitment during an understandably difficult period. All other key stakeholders remain very supportive and I continue to be hopeful of securing a future for the restructured business.
No fixed date is set for the closure of these stores which will continue to trade in the meantime. However, it is expected that closures will take place over the next one to two months.”
The closures mark just under 1/3 of the 220 HMV stores throughout the UK, however a multitude of national corporations have been looking at possibilities of buying up branches.
More to follow…
