HMV in Bury St Edmunds survives as administrators announce closure of loss making stores

HMV in the Arc, Bury St Edmunds
HMV in the Arc, Bury St Edmunds
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HMV in Bury St Edmunds has survived the first wave of closures which were announced by administrators Deloitte earlier today.

The troubled iconic High Street went into administration last month.

Deloitte have been trying to keep the stores open while seeking a buyer.

And they did sell HMV’s debts to restructuring business Hilco UK, who also own HMV Canada.

That had prompted hopes that Hilco would move to buy some if not all of the business.

However two weeks on and with a deal yet to be done, Deloitte announced today that 66 of the 220 HMV stores will close with the loss of 930 jobs.

A statement said there is no fixed date for the closure and the affected stores will continue to trade gradually closing over the next month or two.

It is only the loss making stores that are to go and the store on the arc in Bury is not among those listed to close.

“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,” said joint administrator Nick Edwards.

“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.”