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HMV administrator 'to close up to 100 stores'

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The administrators of HMV are reportedly preparing to shut up to 100 stores in the struggling entertainment retail chain.

Newspaper reports claim that Deloitte will announce this week plans to close between 60 and 100 HMV stores, as it attempts to slash costs in the business.

HMV store on Oxford Street

© PA Images / Yui Mok/PA Wire



The Daily Telegraph says that the shops will not close immediately, but instead remain open until all their stock has been sold.

A source close to HMV told the paper that the administrators were preparing to move to the "next stage of restructuring".

Should they go ahead, then the closures could result in up to 1,500 jobs being lost.

Deloitte has been locked in talks with Hilco - which has bought HMV's debt - over a strategy that will safeguard the long-term future of the high street retailer.

HMV.com Notice of Administration

[HMV's Notice of Administration]

It is thought that they want to slash HMV's chain of 223 shops in the UK down to between 120 and 160 shops.

Stores earmarked for closure are thought to include one of HMV's two flagship outlets in central London, with the Piccadilly Circus branch thought most likely as it is loss-making.

The Oxford Street store is profitable, although Deloitte could view an Oxford Street address as able to bring a higher price if sold.

Deloitte has not commented on the report.

Last Friday, an employee from HMV hit the headlines after she live tweeted from the firm's official Twitter account as 190 staff were let go at the HMV head office.

> HMV tweeter reveals identity, receives job offers

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