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66 HMV stores to close

HMV will close 66 stores over the next six weeks as part of its administration.

MCV understands an announcement will be made later today on which stores will be closed, and that staff had been informed this morning.

It was widely expected that administrators Deloitte would cut HMV’s store base to make it more attractive to potential buyers – with Hilco UK still in prime position to acquire the firm. Hilco UK already operates HMV Canada, which enjoyed a year of growth during 2012.

Although news of store closures is certainly disappointing, 66 is not as significant a cut as some had expected. Various reports over the last few days have claimed that 100 stores or more could be closed.

HMV entered administration last month, but Hilco UK acquiring the firm’s debt has afforded the company more time and room to secure a sale.

Last week 190 staff were laid off at the company’s various offices around the UK, including its London HQ.

More to follow.

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