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HMV announces impending closure of 66 shops

HMV administrator Deloitte has just announced that in the next two months, 66 stores will be closed, which will affect over 900 staff members – though it’s not clear all of them will be let go.

“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,” said administrator, Nick Edwards, (via Eurogamer).

“This step has been taken in order to enhance the prospects of securing the business’ future as a going concern.”

If HMV does survive, its street presence will be largely reduced

“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.”

We heard last week that the media sales firm would lose up to 100 shops within the next few months so it’s good to see that total is a little lower in this first round of closures, but likely we’ll see more follow suit in the near future.

KitGuru Says: Well we knew this was coming, it’s just a shame it had to happen in the first place. Hopefully staff affected by the closures are enjoying nice fat swag bags of perfectly legally bought media and hardware.

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