Hopes gone for staff after Redditch HMV appears on closure list (From Redditch Advertiser)

Hopes gone for staff after Redditch HMV appears on closure list

1:40pm Wednesday 20th February 2013 in News

HOPE has gone for staff at HMV in Redditch after it was announced that the store, in the Kingfisher Shopping Centre, is to be shut.

The joint administrators of HMV have confirmed that a further 37 of the group’s stores, including Redditch, have been identified for closure. The affected stores employ 464 staff. 

No fixed date is set for the closure of these stores which will continue to trade in the meantime, but it is expected that closures will take place over the next four to six weeks in parallel with the 66 stores that are already subject to a closure programme.  HMV currently operates from 219 stores in the UK.

Nick Edwards, joint administrator, 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.”

Nick Edwards, Rob Harding and Neville Kahn were appointed joint administrators of HMV on January 15 after years of the company losing out to internet retailers and supermarkets, whose scale has enabled them to offer CDs and DVDs at cheaper prices.