independent

Sunday 20 April 2014

Jobs axed as more HMV shops close

A further 37 HMV stores are to close, leaving the firm with around 116 outlets

Another 464 jobs are facing the axe at failed music chain HMV after administrators announced the closure of a further 37 stores.

Deloitte said the stores would close over the next four to six weeks and would probably lead to all affected staff being made redundant, although it would try to relocate employees to other stores where possible.

The blow will leave around 116 stores in the HMV chain, after Deloitte said 66 stores would close earlier this month, affecting nearly 1,000 staff.

The store closures come after 60 staff were let go by Deloitte across HMV's head office network at Eastcastle Street in London, Marlow and Solihull nearly two weeks ago - including former HMV boss Trevor Moore. Around 190 jobs had previously been cut by Deloitte in the chain's head offices and distribution centres.

Nick Edwards, joint administrator at Deloitte, said the decision to shut the stores was made to "enhance the prospects of the restructured business continuing as a going concern".

He added: "We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period. All other key stakeholders including suppliers and landlords remain supportive and we appreciate their ongoing assistance."

HMV collapsed into administration last month, but Deloitte said last week that sale discussions were "progressing" as it also announced it had secured stock from most of its suppliers that will see it continue to sell the latest blockbusters and music releases. It said trading agreements had been put in place so stock could be replenished and it will be able to sell new hits, including the latest James Bond film Skyfall.

Restructuring firm Hilco - the group behind HMV Canada - has already bought the company's debt in a move that has raised hopes of a rescue deal.

HMV had more than 220 stores and 4,120 staff when it hit the wall in January after failing to keep pace with internet rivals and supermarkets, whose scale has enabled them to offer CDs and DVDs at cheaper prices.

Stores will close in the following locations: Ashford in Kent, Basildon, Bolton, Cheltenham, East Kilbride, Enfield, Folkestone, Glasgow Argyle, Gloucester, Grimsby, Hatfield Galleria, Heathrow T5 Departure Level, Heathrow Terminal 1, Heathrow Terminal 3, Heathrow Terminal 4, Hemel Hempstead, High Wycombe, Isle of Wight, Lancaster, Leadenhall, Mansfield, Middlesbrough, Newbury, Newcastle Silverlink, Newport, Nuneaton, Redditch, Salisbury, Scarborough, Southport, Stafford, Staines, Stockport, Swindon, Taunton, Torquay, Woking.

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