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Update: Deloitte has confirmed the store closures, resulting in 930 job losses.
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.”
Original report: Administrators are to close 66 HMV stores over the next six weeks as part of a restructuring process for the highstreet retailer, reports MCV.
Staff are said to have been informed this morning, with an official announcement to come later today outlining which stores will be closing.
The closures could be followed by the announcement of a buyer for the firm, with Hilco UK the hot favourite after already having acquired the retailer’s debt.
Last week 190 staff lost their jobs at HMV’s head office and distribution network, administrator Deloitte confirmed.
Source: MCV
