DCSIMG

Island’s HMV store is not on closure list

 

THERE are some signs of hope that the island’s HMV store could escape closure.

Administrators of the collapsed music chain have announced the locations of 66 stores around the UK that will close over the next two months.

But the Isle of Man store is not on the list.

Staff at the Strand Shopping Centre-based outlet said they were not allowed to comment and referred inquiries to the administrator Deloitte.

But one staff member, who did not wish to be named, told the Courier: ‘It’s obviously positive news that we are not on the list – that goes without saying.

‘But it’s still a very anxious time. We might be 95 per cent sure that we’ll stay but just because we are not in the first wave of closures doesn’t mean we won’t be in a second wave.’

HMV entered administration in January.

It has faced intense competition from online retailers, digital downloads and supermarkets in recent years.

The retailer currently operates from 220 stores in the UK.

Deloitte said no fixed date had been set for the closure of the 66 identified stores, which would continue to trade in the meantime.

The affected stores employ 930 staff.

Last week, it was confirmed that about 190 jobs had been shed across HMV’s head office and distribution network.

Nick Edwards, joint administrator at Deloitte, said: ‘This step has been taken in order to enhance the prospects of securing the business’ future as a going concern.

‘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.’

The administrators have been in talks with restructuring specialist Hilco about taking over HMV. Hilco, which already owns HMV Canada, has bought HMV’s debt from its lenders, a move that could pave the way to taking full control of the company.

 

Comments

 
 

Back to the top of the page