Arab Today, arab today uk music chain hmv to shut 66 stores
Last Updated : GMT 15:15:05
Arab Today, arab today
Arab Today, arab today

UK music chain HMV to shut 66 stores

Arab Today, arab today

Arab Today, arab today UK music chain HMV to shut 66 stores

London - AFP

Collapsed British music retailer HMV will close 66 of its stores over the next two months in a move that will axe nearly 1,000 jobs, administrators Deloitte announced on Thursday. \"The joint administrators of HMV today confirm that 66 of the group\'s stores have been identified for closure,\" Deloitte said in a statement. \"The affected stores employ 930 staff. No fixed date is set for the closure of these stores which will continue to trade in the meantime. \"However, it is expected that closures will take place over the next one to two months.\" The group, which currently has 220 outlets in Britain, had last month slumped into administration -- the process whereby a troubled company calls upon independent expert financial help in an attempt to remain operational. HMV was the nation\'s last remaining high-street music and video specialist retailer but it succumbed to heavy debts and unrelenting pressure from online rivals such as Amazon and iTunes. \"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,\" added joint administrator Nick Edwards in the statement. \"This step has been taken in order to enhance the prospects of securing the business\' future as a going concern.\" He also expressed confidence that they would secure the group\'s future after the restructuring. \"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.\" Hopes of a rescue deal emerged late last month after restructuring firm Hilco agreed to buy the debt of HMV, in an agreement which effectively handed it control of the company. No financial details were disclosed. Back in 2011, Hilco had bought HMV Canada for £2 million ($3.2 million, 2.4 million euros) in a transaction which had allowed parent group HMV to secure a new borrowing facility at the time.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk music chain hmv to shut 66 stores Arab Today, arab today uk music chain hmv to shut 66 stores

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uk music chain hmv to shut 66 stores Arab Today, arab today uk music chain hmv to shut 66 stores

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday