HMV To Close 37 More Stores With 464 Jobs Cut
Troubled entertainment retailer HMV is to close another 37 stores with the loss of 464 more jobs, according to the administrators.
Joint administrator Nick Edwards said: "As part of our ongoing review of HMV's financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure.
"This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern.
"Together with the previously identified 66 closures, this restructuring will result in a residual portfolio of some 116 stores."
HMV went into administration on January 15.
The high street chain was one of several brand names to be hit by administration in the post-Christmas period.
Camera chain Jessops, video rental firm Blockbuster and more recently fashion group Republic have all called in administrators.
The administrators from Deloitte said the HMV 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.
Flagship stores at London's Heathrow airport, where ground rents are high, are among those set for closure.
The venerable HMV brand has struggled amid the digital revolution as consumer increasingly access music and film via online services.
Meanwhile, Sky News has confirmed that singer Sir Elton John will perform at an HMV store in the future to help support the chain's survival.
The performer's spokesman, Gary Farrow, said it would likely be an "intimate" gig.
Mr Farrow said: "Elton has always been a big supporter of record shops.
"He will be doing something with HMV although as yet we cannot confirm what or when that would be."
what do you think?
Sad for the staff, hope they find jobs
These news items aren't attracting many comments any more. It's as if the nation has resigned itself to the death of the high street.
Does appear to look like that sad isn't it we are used to news like this