HMV Chichester avoids closure as administrators axe 66 stores

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

THE CHICHESTER branch of HMV is safe from closure as administrators announced they would give 66 stores the chop today (February 7).

The administrators of the high street chain confirmed 66 of the group’s 220 stores have been identified for closure, but the East Street branch will remain open.

This comes at a time of uncertainty on the high street, after photography store Jessops went bust, and Blockbusters future hangs in the balance.

Nick Edwards, joint administrator, said: “As part of our ongoing 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.”

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

The stores set to close will remain open over the next month or two, but 930 jobs will be lost.