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HMV in Worcester safe from latest round of cuts
TROUBLED music retailer HMV will keep its Worcester branch open, despite the closure of a further 37 stores and hundreds of job losses.
Deloitte, which was appointed administrator for the company, announced today the stores would close over the next four to six weeks and would probably lead to all 464 affected staff being made redundant.
It will try to relocate employees to other stores where possible.
The branch in Worcester’s High Street was saved from the chop, however, Redditch was one of those confirmed for the latest round of closures.
The news leaves about 116 stores in the HMV chain after Deloitte said 66 stores would close earlier this month, affecting nearly 1,000 staff.
Nick Edwards, joint administrator at Deloitte, said the decision to shut the stores was made to “enhance the prospects of the restructured business continuing as a going concern”.
He added: “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.”
HMV had more than 220 stores and 4,120 staff when it hit the wall in January after failing to keep pace with internet rivals and supermarkets, whose scale has enabled them to offer CDs and DVDs at cheaper prices.
Deloitte said last week that sale discussions were “progressing” as it also announced it had secured stock from most of its suppliers that will see it continue to sell the latest blockbusters and music releases, including the latest James Bond film Skyfall.
Restructuring firm Hilco - the group behind HMV Canada - has bought the company's debt in a move that has raised hopes of a rescue deal.