Local HMV store closures announced

A NUMBER of HMV stores in the West Midlands are to be closed, the struggling retailer’s administrator has announced.

Joint administrators Nick Edwards, Rob Harding and Neville Kahn of Deloitte
have confirmed that 66 of the group’s stores have been identified for closure. The affected stores employ 930 staff. 

No fixed date is set for the closure of these stores which will continue to trade in the meantime. However, it is expected that closures will take place over the next one to two months. HMV currently operates from 220 stores in the UK.

The local stores amongst the 66 are at Birmingham Fort, Burton-upon-Trent, Leamington Spa, Tamworth, Telford and Walsall.

Edwards said: “As part of our on-going 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.”

The administrators have been in talks with restructuring specialist Hilco about taking over HMV.

Hilco, which already owns HMV Canada, has bought HMV’s debt from its lenders, a move that could pave the way to taking full control of the company.