Financial News

  • 11 February 2013, 7:23

HMV's Boss Made Redundant: Sky Sources

The boss of HMV is one of a further 60 people to be made redundant at the collapsed chain, Sky News has learnt.

Trevor Moore, who became the chain's chief executive in September last year, used to be the head of Jessops - which also called in administrators last month.

HMV's administrators Deloitte confirmed the staff had been made redundant at the company's head offices.

It comes after 930 job losses were announced on Thursday, as a result of over 60 planned store closures in the next two months.

Joint administrator Nick Edwards said: "Following our announcement of the closure of 66 stores yesterday, it has been necessary to consider the head office support required for the reduced store portfolio.

"As a result of this review, a number of redundancies at the head office have been made.

"This has been a difficult decision, but a necessary one in restructuring the business.

"We would like to express our gratitude to staff for their continued support during the administration."

Before its collapse in early January, HMV employed around 4,000 people and had 220 stores in the UK.

But it struggled to keep up with tough competition from online retailers, supermarkets and streaming websites, and reported poor Christmas sales figures.

Deloitte is in the process of attempting to find a buyer for some or all of the business, which is expected to survive online in some form.

Last month, retail restructuring group Hilco UK acquired the company's debt, effectively giving it control of the entertainment chain.

It is one of three major retailers to collapse since the start of 2013 - with Jessops and Blockbuster also calling in administrators.

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