DCSIMG

HMV redundancies but shops stay open as buyer is sought

 

HMV Group administrators have confirmed that 190 redundancies have been made across the Companies’ head office and distribution network.

There have been no redundancies across the retail network with all stores remaining open and continuing to trade.

Nick Edwards, Joint Administrator, said: “Since our appointment as Administrators over two weeks ago, we have been assessing the financial position of HMV.

“Following this review, a number of redundancies at the head office and distribution centres have been made.

“Although such decisions are always difficult, it is a necessary step in restructuring the business to enhance the prospects of securing its future as a going concern.

“We have been very pleased with the level of interest in the business as a going concern, whilst the response from customers has demonstrated the demand to see HMV remain on the high street.

“Equally, the support received from suppliers has been very positive and has enabled us to continue trading during the administration.

“As a result of all of these factors, I remain hopeful we will be able to secure a future for a restructured business.”

The business went into administration on January 15.

 

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