66 HMV Stores To Shutter

LONDON (CelebrityAccess MediaWire) — HMV administrator Deloitte LLP confirmed that 66 brick and mortar HMV stores would be shuttering over the next two months in the first round of closures.

HMV operates 220 stores in the U.K., inclusive of the outlets slated for closure. It is unclear if additional stores will be closed.

“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 Nick Edwards, joint administrator, in a statement.

He continued: “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.”

HMV announced that they were going into administration, which is similar to bankruptcy in January. Since then, the company has been purchased by private equity investor Hilco for approximately $63 million. – CelebrityAccess Staff Writers

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