HMV to close 66 loss-making stores over coming eight weeks

The administrators of HMV have announced that 66 of the music retailers' stores will close over the next two months, affecting some 930 members of staff.

The administrators of HMV have announced that 66 of the music retailers' stores will close over the next two months, affecting some 930 members of staff.

The music retail chain, which entered administration last month after wracking up debts worth more than £30m, operates 220 stores and employs more than 4,000 people.

Deloitte, the administrator for HMV, reported that no fixed date had been set for the closure of the stores, but stated that it "expected that closures will take place over the next one to two months".

Nick Edwards, Joint Administrator at Deloitte, said: "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."

MF

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