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HMV to shut 100 stores

By Daily Echo Reporter

4:10pm Sunday 3rd February 2013

HMV to shut 100 stores

HMV's administrators are reportedly planning to shut up to 100 of the music chain's shops as part of plans to restructure the business.

Deloitte is set to announce the closure of between 60 and 100 shops this week, which could see 1,500 jobs axed, according to reports.

But under the plans, which would leave HMV with between 120 and 160 shops, the doors would not be closed until the stores have run out of stock.

It is not yet known whether the chain’s Hampshire branches will be affected.

HMV went into administration last month, putting more than 4,120 jobs and 223 stores at risk, but hopes of a rescue deal have been raised after restructuring firm Hilco - the group behind HMV Canada - bought the company's debt.

Deloitte declined to comment.

Comments(13)

Comments(13)

mickey01 says...
4:14pm Sun 3 Feb 13

40 years ago i used to buy records in woolworths 20 years ago it was h m v now i dont buy music and my kids dont go out to buy music and thats the way shopping has changed but its not for the best unfortunately

letshaveabeer says...
4:51pm Sun 3 Feb 13

You could see this happening five years ago. Its just a changing world. Time to move on.

ShirleyLad says...
6:16pm Sun 3 Feb 13

And soon it will be joined by Waterstone's.

Stevie G B says...
7:50pm Sun 3 Feb 13

Its a sad sign on the times,I'm a big fan of ordering stuff online, but sometimes you still wished a store was still there, maybe you been talking about a film/cd with a workmate and want to buy it on the way home from work, too impatient to order online waiting for it in the mail...the day they can deliver a online order of products like pizza/takeaways can do nowdays, that company will be going places! May as well rename every High St as Amazon St!

MGRA says...
8:03pm Sun 3 Feb 13

but if they close it will be a disaster !! for southampton and other greedy councils that have killed their own high streets...

letshaveabeer says...
8:26pm Sun 3 Feb 13

Cant see what the council has to do with this. Tis just modern society

Stevie G B says...
8:35pm Sun 3 Feb 13

MGRA wrote:
but if they close it will be a disaster !! for southampton and other greedy councils that have killed their own high streets...
The business rates in centre of Winchester is only £25,000 a year!
The greedy councils are not helping the UK high streets much!

Quite Frankly says...
10:46pm Sun 3 Feb 13

MGRA wrote:
but if they close it will be a disaster !! for southampton and other greedy councils that have killed their own high streets...
Have you been on the pop? In what way are 'greedy councils' responsible for the failure of national chains?

HMV have killed off high street rivals for years. Tower, Our Price, Virgin, Zaavi, and many independents. What they did not do was keep their eye on other opposition.

Feel sad for the good people who work for HMV.

IronLady2010 says...
12:23am Mon 4 Feb 13

Since technology has moved on and most people have music as a download on a small portable device which can be plugged into a music system at home, the demand for CD's etc has hit everyone.

Maybe HMV can venture into record exchanges, the demand for the old fashioned records seems to be the only thing on the increase.

elvisimo says...
8:52am Mon 4 Feb 13

Stevie G B wrote:
MGRA wrote: but if they close it will be a disaster !! for southampton and other greedy councils that have killed their own high streets...
The business rates in centre of Winchester is only £25,000 a year! The greedy councils are not helping the UK high streets much!
there is not a flat business rates figure. They are as penal in the centre of winchester as they are in Southampton or anywhere else.

soton-mike80 says...
9:27am Mon 4 Feb 13

It is indeed a sad day for the High Street and for music lovers who love to browse stacks of CDs and Vinyls.. however..

If I want any album, I can go to Amazon or Play.com and get hold of it within 2 days. If I want it now, I can go to iTunes, the same thing goes for DVDs, BluRays and most other goods that are consumed.

Unfortunately the future is digital and while this is sad news for the high street, it is the price we pay for advancing!

sotonboy84 says...
9:58am Mon 4 Feb 13

Times have indeed changed and people buy music/films/games/te
chnology in different ways but HMV have done nothing to keep up with the competition.

They have not changed their business model for years which reflects business before on-line retailers and digitlal downloads.

HMV does have an on-line company but this is a completely different company to HMV stores and unconnected and the only thing they share is the name.

Huffter says...
8:10pm Mon 4 Feb 13

letshaveabeer wrote:
Cant see what the council has to do with this. Tis just modern society
Really - just think about the costs of running a business......

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