HMV administrator to axe 1,000 jobs as 66 stores close
HMV's administrator Deloitte is set to axe more than 900 jobs by closing 66 stores over the coming two months.
The shops identified for closure include those in Wood Green, Wandsworth and Bayswater in London, and Burton-upon-Trent, Edinburgh, Wakefield, Wigan, Falkirk, Huddersfield and Chesterfield.
HMV went into administration last month, putting more than 4,000 jobs at risk, although it continues to trade all its 220 stores. The coming closures will see 930 jobs cut.
While HMV remains in administration, its £120m of debt was bought by the restructuring company Hilco for less than £40m last month. This raised the prospect that Hilco, which acquired HMV Canada in 2011, may rescue a slimmed-down version of the UK chain.
Deloitte, via the property firm CBRE, set a deadline of last Friday to receive bids on nearly 220 shop leases. The property company Savills is advising Deloitte on the potential sale of HMV's Oxford Street store, thought to make profits of £1.3m a year. Tesco is understood to want about 20 HMV stores, while Iceland is eying up 50 and Sainsbury's is looking at about 25.
Nick Edwards, joint administrator at Deloitte, said it has decided to close the 66 stores to "enhance the prospects of securing the business' future as a going concern".
The Sistine Chapel is set to be illuminated with thousands of LEDs
Gillian Anderson lays into gender disparity in Hollywood
- 1 Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
- 2 Prince held a Facebook Q&A and this is the only question he answered...
- 3 'F*ck it, I quit': KTVA reporter Charlo Greene quits live on air in spectacular fashion
- 4 35,000 walrus gather ashore on north-west Alaska beach 'for a rest'
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Snoop Dogg and Jared Leto buy a stake in Reddit as A-list invests $50m
Prince held a Facebook Q&A and this is the only question he answered...
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Brad Pitt, on the moment he completely lost his temper with Clint Eastwood's son
Jennifer Lawrence nude photos leak: More celebrities allegedly targeted as third wave of hacked images released
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
Former Tory donor Arron Banks ups his Ukip donation to £1million following William Hague 'nobody' comment
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...