HMV set to close 47 more stores
Following the recent closure of all 16 of their Ireland-based stores, it looks as though HMV are set to close more stores in an effort to keep their heads above the water.
According to Deloitte, HMV's administrators, a further 37 stores are set to close, affecting 464 jobs.
"As part of our ongoing review of HMV’s financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure, says joint administrator Nick Edwards. "This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern. Together with the previously identified 66 closures, this restructuring will result in a residual portfolio of some 116 stores."
HMV went into administration on January 15th. [via Sky News]
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The launch also seems to be coinciding with a sharp decline of digital downloads and a rise in the sales of physical music. [read more]
HMV has revealed that they reportedly sold one turntable per minute during the Christmas season [read more]