Hilco might have bought out HMV’s debt, giving it effective control over Deloitte’s administration of the troubled chain, but that doesn’t mean everything is hunky dory right now. HMV’s just announced 66 stores will close with the loss of 930 jobs. Ouch.
That’s on top of the 190-odd head-office staff that got the axe last week too, bringing the total HMV job losses to well over 1,000 and counting. No fixed date has been set for the closure of the 66 stores across the country, but they would continue trading until shutting up shop for the last time.
With 66 stores on the chopping block, that leaves 154 HMV stores still in the UK High Street. The move to close the stores and cut staff is aimed at trying to reduce cost and restructure HMV into a viable business, which Hilco managed in Canada. For the sake of keeping the legions of 99p stores at bay, let’s hope it can turn HMV around and survive. [BBC]
Image credit: Gene Hunt from flickr