HMV Axes 66 Stores And 930 Staff
Administrators for collapsed entertainment retailer HMV are to close 66 stores resulting in 930 job losses.
In a statement, the joint administrators said: "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."
HMV currently operates from 220 stores in the UK.
Nick Edwards, joint administrator, commented: "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."
HMV called in administrators in early January after suffering dismal Christmas sales, which put more than 4,000 jobs at risk.
It was one of three well-known high street firms to go into administration in the New Year as Britain's high streets struggled against online sales.
Shortly after taking charge, the administrators said the chain would no longer honour gift vouchers and cards but soon confirmed a U-turn amid a storm of protest from consumers.
Retail restructuring group Hilco UK has acquired HMV's debt, effectively giving it control of the administrator-managed entertainment chain.
The debt purchase, which boosted the prospect of a full rescue for HMV, has been taken from the books of its lenders, Royal Bank of Scotland and Lloyds.
HMV's net debt last October stood at £176m but it struggled to find a niche that would give it an advantage over online retail alternatives.
what do you think?
Windows Live User
Sad days it was a brilliant store to be in, searching through all the music.
Kelly bit childish isn't it My son is not loosing his job sorry to upset you
Just had a look at a web page listing which ones are closing. Very sad for everyone who is loosing job, but where my son works is not on the list. Hope list is correct
Ermmm why thumbs down?And great news about your son really hope stays that way xx
Thanks Pinky, him and his wife are having a baby in July so he was worried. I'm used to thumbs down. Just hope list I saw was right do feel for the ones who are loosing jobs
I have a feeling that someone just gives you thumbs down for the heck of it.
Probably Raymond,just because of some of my views. Will NEVER change,
And I think that that's the reason you get thumbs down for everything Diane. Any sensible reasonable person would be flexible enough to change their views if information they didn't know came to light. Statements like 'I will NEVER change my views' just make you look ignorant. Several of your posts reflect that too.
That is other peoples problem not mine, I am not a sheep. This thread is about HMV not others dislike of me
I also wonder how anyone could have been offended by that post.
Movvi, are you talking about my original post, if you are it was my name that did it. Foid hib I don't care what people think of me
That should have read good job I don't care
My point exactly, it's not about caring what people think of you or being a sheep or not. As I said, reasonable people who believe something will alter that belief or view if they are given new facts that show the original belief to be wrong. Your refusal to ever change your views just demonstrates your ignorance.
Brilliant el bubsio. The fact Diane will not except others point of view is key. U can't b raped in the 70's cus she wasnt. So everyone else is lying. 9 year olds cant have periods so cant become pregnant etc etc
El Bubsio What has this got to do with HMV news item. Why would I want to change my views I take in all the evidence thank you. As Mrs Thatcher said "the lady's not for turning". You may not like strong women that is not my fault
Kelly, give it a rest THIS IS ABOUT HMV. NOT PREVIOUS STORIES
hope your son either hang in on there till they find a buyer or gets work elsewhere same as our son who qualified as a tradesman in his chosen career and made redundant,its heartbreaking to come home stepping over his tools in the garage to find him washing up and preparing the evening meal for the rest of us,he tries hard to find work but its impossible whilst the proper jobs are being employed by not of these lands on minimum wage
Diane, I wasn't the one who raised the subject of your constant negative scores. I simply offered a reason as to why it happens. As for taking in all the evidence, perhaps you do, but you dismiss any that doesn't fit your views. Again, a reasonable person looks at all available evidence and information and forms a view from that. People like you on the other hand, form a view and then only accept information that fits it. As for strong women, I have nothing against them, or indeed anyone who is willing to stand up for what they believe. In fact, I admire it. However, there's a difference between doing that and rigidly sticking to views that have been demonstrated to be wrong because of some ignorant pride.
Stevegs850, thanks for that I had that with my hubby about 15yrs ago qualified painter and decorator but out of work. My son does not know yet he is in New York on delayed honeymoon.
HMV have had their day. The Internet has changed everything.