HMV to Close Even More Stores, Lay Off 464 More EmployeesBy: Sean Patterson - February 20, 2013
U.K. Electronics retailer HMV is set to close 37 more stores and lay off 464 more employees. This is in addition to the 66 store closures and 930 employee lay offs that were announced earlier this month.
No date has been set for the store closures, but individual stores will be closing in the next four to six weeks. Adding in the other closures, HMV will be left with just over 100 stores in the U.K. The individual stores to be closed have been announced:
Ashford, Basildon, Bolton, Cheltenham, East Kilbride, Enfield, Folkestone, Glasgow Argyle, Gloucester, Grimsby, Hatfield Galleria, Heathrow T5 Departure Level, Heathrow Terminal 1, Heathrow Terminal 3, Heathrow Terminal 4, Hemel Hempstead, High Wycombe, Isle of Wight, Lancaster, Leadenhall, Mansfield, Middlesbrough, Newbury, Newcastle Silverlink, Newport, Nuneaton, Redditch, Salisbury, Scarborough, Southport, Stafford, Staines, Stockport, Swindon, Taunton, Torquay, Woking.
Word of the extra closures comes via Deloitte, which was chosen to administrate HMV in Jaunary after the company failed to come to terms with its creditors. Administrators appointed by Deloitte are currently restructuring the retailer for a possible sale.
“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,” said Nick Edwards, joint administrator of HMV. “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.”