HMV’s administrator Deloitte is said to be closing 100 UK stores amid a phase of restructuring the business. If true, the move would result in the loss of some 1,500 jobs.
The Telegraph reports that brand – which has served as a retailer of music, films and games for many years – may lose between 60-100 stores amid restructuring efforts carried out by administrators Deloitte.
The claim comes from a source close to the administrators, and added that both Hilco and Deloitte – the companies that bought a portion of HMV’s debt – plan to keep some 120-160 HMV stores open for the time being.
It comes as administrators axed 190 jobs at HMV’s head office last week, a move that sparked a Twitter revolt and saw disgruntled ex-employees live-tweeting updates of the sacking via a hijacked HMV feed.
The source adds that one of HMV’s flagship London stores will close, although they could not confirm is this would be the Oxford Street or Piccadilly Circus site.
We’ll have more as it happens.