HMV / 930 layoffs as 66 stores close

Almost 1,000 HMV staff are facing redundancy as administrators for the failed music store chain revealed they will close 66 shops across the country.

The loss-making stores, including all five Edinburgh sites, three in Glasgow and four in London, will close over the next two months and comes as administrators from Deloittes plan to sell the company’s flagship Oxford Street store.

Joint administrator Nick Edwards 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.”

Chosen excerpts by Job Market Monitor from 

via HMV administrators to make 930 staff redundant as they shut first 66 stores | Business | guardian.co.uk.