February 7, 2013 10:41

HMV confirms closure of 66 stores resulting in 930 job losses

Administrators Hilco take measures toward saving ailing retail giant

HMV confirms closure of 66 stores resulting in 930 job losses

Photo: PA

Administrators for HMV have confirmed that they are to close 66 branches of the music and entertainment retailer, resulting in 930 job losses.

HMV, which currently has 220 stores nationwide, confirmed the news this morning (February 7). The decision follows the retailer calling in administrators in January and subsequently selling their £176m debt to restructuring specialists Hilco for £40m.

In a statement about the branch sales, the Joint Administrators said: "No fixed date is set for the closure of these stores which will continue to trade in the meantime. However, it is expected that closures will take place over the next one to two months."

Meanwhile, Nick Edwards, Joint Administrator, commented: "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."

There is currently no set date as to when the chosen stores will be closed. Scroll down to see the list of the 66 branches HMV will be closing.

Meanwhile, HMV's flagship store on Oxford Street in London could also be sold as part of the debt restructuring process. The Guardian reports that "administrators for the entertainment store will consider offers of £6m–£9m this Friday to take on the lease of the building at 130 Oxford Street, London." Adding: "Fashion chains H&M, Inditex, the owner of Zara, Japan's Uniqlo and JD Sports are among the frontrunners for the 50,000 sq ft site."

The list of HMV stores believed to be closing is:

Ashton Under Lynne
Barnsley
Bayswater (Whiteleys)
Bexleyheath
Birkenhead
Birmingham (The Fort)
Blackburn
Boston
Bournemouth (Castlepoint)
Bracknell
Burton Upon Trent
Camberley
Chesterfield
Croydon (Centrale)
Dumfries
Durham
Edinburgh (Fort Kinniard)
Edinburgh (Gyle Centre)
Edinburgh (Ocean Terminal)
Edinburgh (Princes St)
Edinburgh (St James)
Falkirk
Fulham Glasgow (Braehead)
Glasgow (Fort)
Glasgow (Silverburn)
Huddersfield
Kirkcaldy
Leamington
Spa Leeds (White Rose)
London Trocadero
Loughborough
Luton
Manchester (Market St)
Moorgate
Orpington
Rochdale
Scunthorpe
South Shields
Speke Park
St Albans
St Helens
Stockton On Tees
Tamworth
Teeside
Telford
Wakefield
Walsall
Walton On Thames
Wandsworth
Warrington
Watford
Wellingborough
Wigan Woodgreen
Workington
Wrexham
Ballymena
Belfast (Boucher Rd)
Belfast (Forestside)
Coleraine Craigavon
Derry
Lisburn
Newry
Newtonabbey


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