HMV Continues Gradual Slide into New Apocalypse

By Gary Cutlack on at

Three more branches of HMV are to close this month, as negotiations with landlords to secure rent reductions have collapsed and the new owner has thrown in a few metaphorical towels, surrendered the leases, and will make some staff redundant.

The three HMV-owned sites to close before the end of January are the branches in Bury St Edmunds and Nuneaton, with the Fopp-branded site on Glasgow's Byres Road also set to board up shop. HMV places the blame on the usual high street bogeyman – what it says are "extortionate" business rates. A spokesperson hints that the chain is hoping these first three closures may pressure other landlords into quickly agreeing to cut rents lest they lose the marginal footfall generated by mums browsing the Michael Buble section, saying: "There are currently 10 stores where negotiations with landlords are ongoing and we are hopeful of securing new deals."

Debenhams has also torn up a few lease agreements too, with 19 of the similarly stricken into downsizing chain's branches to close this month. [Sky News]

Image: Tom Pritchard/Gizmodo UK