HMV will shut down 66 of its 223 UK stores over the next month and a half, MCV report. Staff were informed this morning, and an announcement will be made later today as to which stores will close.
Update: 930 staff have been laid off - expected or not, a breathtaking number. A full list of closed stores is included below courtesy of MCV.
The expected move comes as part of HMV’s administration process at the hands of Deloitte, and follows the layoffs of nearly 200 office staff around the country last week.
Restructuring firm Hilco UK are in pole position to buy the company, having already acquired HMV UK’s debt last month to allow more time for a sale. Hilco have run HMV’s successful Canada operation for the past year.
A Telegraph source "close to HMV" had suggested over the weekend that between 60 and 100 stores were due to shut down, and claimed that the shops would stay open until all stock was sold.
When was the last time you graced the door of your local HMV? I visited mine to browse silly console peripherals only last week. Didn't buy any, mind.
Update: Deloitte administrator Nick Edwards said: “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.”
England and Scotland
Ashton Under Lyne
Birmingham (The Fort)
Burton Upon Trent
Edinburgh (Fort Kinnaird)
Edinburgh (Gyle Centre)
Edinburgh (Ocean Terminal)
Edinburgh (St James)
Leeds (White Rose)
Manchester (90 Market Square)
Stockton On Tees
Walton On Thames
Belfast (Boucher Road)