HMV's CEO made redundant, reports claim

HMV's Group Chief Executive Trevor Moore has been made redundant by administrators after the music and video retailer collapsed last month, sources told Reuters Friday.

HMV's Group Chief Executive Trevor Moore has been made redundant by administrators after the music and video retailer collapsed last month, sources told Reuters Friday.

Moore was reportedly named among 60 redundancies across HMV's head office network.

Deloitte, which was appointed as administrator by the firm after it was hit by competition from online retailers, supermarkets and streaming sites, declined to confirm reports Moore was one of those leaving the firm.

He joined HMV in 2012 from camera specialist Jessops, which also imploded this year.

The job cuts come after a decision to close 66 HMV stores over the next two months. The group currently has 220 stores in the UK and employs around 4,000 people.

Last month restructuring specialist Hilco bought HMV's debt from the group's lenders, Lloyds and Royal Bank of Scotland, giving it effective control of the business.

Hilco does not officially own the chain, but the transaction gives it a big say in the fate of the retailer.

Deloitte is still on the hunt for a buyer for all or parts of the business. Analysts expect it to survive in a much smaller form with an online offering.

RD

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