20 Feb 2013 12:29pm

Deloitte closes 37 HMV stores

Deloitte has announced it intends to wind up an additional 37 HMV stores over the coming weeks as part of a phased closure

The closures, which could mean the loss of 464 staff, in addition to the 66 outlets previously identified to shut, leave 116 stores open for business as Deloitte attempts continued business restructuring.

Nick Edwards, joint administrator for 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.

“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.”

Edwards, Rob Harding and Neville Kahn were appointed joint administrators of HMV on 15 January this year.

HMV, whose first store was opened in London's Oxford Street in 1921, collapsed last month after it suffered a 10.2% slump in sales and its net debt rose to £176.1m over the six months to the end of October 2012.

Raymond Doherty


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