Up to 100 HMV stores to close; 1,500 jobs at risk - PC Retail

Up to 100 HMV stores to close; 1,500 jobs at risk

Deloitte has confirmed that up to 100 HMV stores face closure this week, putting 1,500 jobs at risk
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Deloitte has announced it is preparing to close up to 100 HMV stores as the retailer's stock is sold.

Between 60 to 100 stores face closure, yet the final list of stores facing the axe is yet to be confirmed as the administrator deliberates this week which locations are set to close.

It's widely believed that HMV's London Piccadilly Circus store will close its doors, whilst the Oxford Street branch will remain open.

Deloitte has confirmed that it will inform the affected stores and their staff of the scheduled closures this week, which could see up to 1,500 jobs axed.

Both potential owner Hilco and Deloitte have expressed their desire to maintain a future for the brand, with a thriving HMV maintaining a store count of between 120 and 160 shops.

In addition to further store closures, Deloitte has also confirmed the sale of HMV's majority shareholding in G-A-Y Group Limited.

It has been sold to JJ is G-A-Y Limited, which is owned by Jeremy Joseph, who was the founder and shareholder of G-A-Y Limited.

Mr Joseph said: ‘HMV made a strategic decision to sell certain businesses, which included the sale of their shares in G-A-Y almost a year ago. I am delighted to have acquired 100% ownership of the business that I founded 20 years ago and to have secured the future of my 200 employees.”

Rob Harding, Joint Administrator, commented: “We are pleased to have completed the sale of HMV’s shareholding in G-A-Y to the natural purchaser of this stake so shortly after our appointment. This will benefit the creditors of HMV and we wish Mr Joseph the best in the beginning of a new era for G-A-Y.”

Further job losses follow the news last week that 190 jobs had been cut across HMV's head office and distribution network.

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