This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.guardian.co.uk/business/2013/feb/20/hmv-administrators-cut-jobs-close-stores

The article has changed 5 times. There is an RSS feed of changes available.

Version 2 Version 3
HMV administrators axe another 464 staff and 37 stores HMV administrators axe another 464 staff and 37 stores
(about 3 hours later)
Almost half the workforce of failed music and DVD chain HMV will be unemployed within weeks as administrators announced a further 464 staff and 37 stores will go. HMV is to axe a further 464 staff and 37 stores, bringing the jobs toll since the retailer lapsed into administration to nearly half the workforce.
The latest closures will bring the total number of unemployed staff close to 1,500 – with 103 stores due for closure over the next four to six weeks. The latest closures at the failed music and DVD chain will bring the total number of unemployed staff close to 1,500, with a total of 103 stores earmarked for closure including the sites added in the latest cull.
Administrators from Deloitte told staff on Wednesday they would lose their jobs. Among the stores set to close are all four Heathrow airport sites, along with a fourth Glasgow store, in addition to the three stores already closing in the Scottish city. However, the flagship Oxford Street store will remain open for the time being. Among the stores set to close in the wake of Wednesday's announcement are all four Heathrow airport sites, along with a fourth Glasgow store, in addition to the three other stores already closing in the Scottish city. However, the flagship store in London's Oxford Street will remain open for the time being.
Nick Edwards, a joint administrator, said: "As part of our ongoing review of HMV's financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure. This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern. Nick Edwards, a joint administrator at Deloitte, said: "As part of our ongoing review of HMV's financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure. This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern.
"Together with the previously identified 66 closures, this restructuring will result in a residual portfolio of some 116 stores."Together with the previously identified 66 closures, this restructuring will result in a residual portfolio of some 116 stores.
"We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period. All other key stakeholders including suppliers and landlords remain supportive and we appreciate their ongoing assistance.""We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period. All other key stakeholders including suppliers and landlords remain supportive and we appreciate their ongoing assistance."
The company called in administrators in January after poor Christmas sales and debts of up to £170m. The company, which has debts of £170m, called in administrators last month after poor Christmas sales.
There was some hope for the company's future after a temporary deal was struck with film studios and music labels to ensure new releases, such as the Bond film Skyfall and Madagascar 3, continued to flow to its stores. There was some hope for the company's future after a temporary deal was struck with film studios and music labels to ensure new releases, such as the James Bond film Skyfall and Madagascar 3, continued to flow to its stores.
Negotiations with specialist investor Hilco continue after it acquired the secured debts from Royal Bank of Scotland and Lloyds Banking Group. The company had already bought HMV Canada in 2011 and has built relationships with several distributors.Negotiations with specialist investor Hilco continue after it acquired the secured debts from Royal Bank of Scotland and Lloyds Banking Group. The company had already bought HMV Canada in 2011 and has built relationships with several distributors.
Earlier this month, administrators said they would shut 66 shops across the country, with the loss of 1,000 jobs. Earlier this month, administrators said they would shut 66 shops across the country, with the loss of 1,000 jobs. About 1,500 jobs remain.
These included all five Edinburgh sites, three in Glasgow with a fourth shut on Wednesday, and four in London. Around 1,500 jobs remain. When the chain collapsed, its gift cards, worth about £7m, were suspended, but these were later reinstated after a customer backlash.
When the chain first collapsed its gift cards, worth around £7m, were suspended, but these were later reinstated after a customer backlash.