HMV announces second round of closures

C130089-1 Chi HMV  phot kate
C130089-1 Chi HMV phot kate

ADMINISTRATORS of music giant HMV announced 37 more stores face the axe.

But Deloitte confirmed the Chichester branch has survived the second round of closures.

The firm announced the news today (February 20), and said the 37 axed stores have no fixed date is set for the closure at this time.

However, it is expected that closures will take place over the next four to six weeks in parallel with the 66 stores that are already subject to a closure programme.

Nick Edwards, joint administrator, said: “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.

“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.”

Nick Edwards, Rob Harding and Neville Kahn were appointed joint administrators of HMV on January 15.