HMV to close 37 more stores in UK

http://www.bbc.co.uk/news/business-21517862

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Collapsed music and DVD retailer HMV is to close a further 37 stores leading to the loss of 464 jobs, administrators Deloitte have said.

The closures, to take place over the next four to six weeks, come on top of the 66 stores already set to be shut.

HMV currently has 219 stores in the UK, so the latest move means almost half its branches in the UK will be closed.

HMV, which has faced intense competition from online retailers, went into administration in January.

"This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern," said Nick Edwards, one of the joint administrators.

"We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period."

Earlier this month, the chain signed trading agreements with the majority of its suppliers, ensuring that new stock will continue to be on sale in stores.

The 37 stores that are affected by the latest round of store closures are: Ashford, Basildon, Bolton, Cheltenham, East Kilbride, Enfield, Folkestone, Glasgow Argyle, Gloucester, Grimsby, Hatfield Galleria, Heathrow Terminal 5 - Departure Level, Heathrow Terminal 1, Heathrow Terminal 3, Heathrow Terminal 4, Hemel Hempstead, High Wycombe, Isle of Wight, Lancaster, Leadenhall, Mansfield, Middlesbrough, Newbury, Newcastle Silverlink, Newport, Nuneaton, Redditch, Salisbury, Scarborough, Southport, Stafford, Staines, Stockport, Swindon, Taunton, Torquay and Woking.