February 21, 2013 9:48
HMV administrators close another 37 stores
Closures mean loss of a further 464 staff
Administrators of retail chain HMV have announced that another 37 stores are set to close, resulting in the loss of 464 jobs.
The latest closures include all four Heathrow airport sites and the final Glasgow store, following the closure of three other stores in the city. The total number of job losses is now close to 1,500, and the number of stores marked for closure stands at 103, reports The Guardian.
Nick Edwards of administrators Deloitte 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."
Yesterday, it was revealed that record labels are working on ways of helping the stricken entertainment retailer. David Joseph, the chief executive of Universal UK said that getting artists, and therefore customers, into shops is something they want to make happen. "We've got lot of artist support for HMV. Last week one of our biggest global superstars said why don't we get a lot of the biggest artists to start doing gigs in HMV, just to turn up and say these are music stores, come and get your music here."
Joseph later confirmed that artist was Elton John. Additionally, Guy Farrow, John's spokesperson confirmed the plan, adding: "Elton has always been a big supporter of record shops. He will be doing something with HMV although as yet we cannot confirm what or when that would be."
- Previous: Mumford & Sons, Lana Del Rey, Frank Ocean win Brit Awards
- Next: Yeah Yeah Yeahs to reveal new single 'Sacrilege' on Monday (February 25)