HMV to close 37 more stores in the UK
Administrators for collapsed entertainment retailer HMV have announced that a further 37 stores have been identified for closure. The affected stores employ 464 staff.
The closures are expected to take place over the next four to six weeks in parallel with the 66 stores that are already subject to a closure programme. HMV currently operates from 219 stores in the UK.
Nick Edwards, joint administrator, 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.
“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.”
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