HMV to Close Up to 100 UK Stores
Published Feb 04, 2013While it was recently announced that retail restructuring firm Hilco had bought up HMV UK's debt, the music store chain isn't in the clear just yet. It's been announced that the company is expected to close between 60 to 100 stores, which could total up to 1,500 lost jobs.
An insider allegedly told The Telegraph that administrators Deloitte and Hilco are entering the "next stage of restructuring" at the retailer. Details are pending, but apparently the store closures will be announced by the end of the week. It's rumoured that a flagship store in Piccadilly Circus will be one of the shops closing. Whichever stores are to go, however, they won't be shut down immediately — they'll remain open until they run out of stock.
Deloitte and Hilco reportedly believe that, to be profitable, HMV needs to scale down to between 120-160 UK stores from its current total of 223. Last month, administrators cut 190 jobs from HMV's head office. HMV employee Poppy Rose Cleere made headlines last week after tweeting about some of the dismissals as they were in progress.
This is, of course, not the first time the UK chain has shut down stores due to dwindling sales.
Thanks to Fact for the tip.