HMV announces 190 redundancies

HMV has announced 190 job losses according to a statement issued by its administrators Deloitte on Thursday.

However, Deloitte said that it remained optimistic about the UK entertainment products retailer’s future prospects. The global advisory firm is currently seeking a buyer for all or parts of the business.

Deloitte added that HMV retail outlets continue to trade as normal with no redundancies having been made across the chain of shops.

“We have been very pleased with the level of interest in the business as a going concern. I remain hopeful we will be able to secure a future for a restructured business,” said Nick Edwards, a joint administrator, on behalf of Deloitte.

On 22 January, restructuring firm Hilco acquired HMV’s debt from lenders Lloyds Bank and Royal Bank of Scotland. Deloitte said it was working closely with Hilco as it seeks “a positive outcome for the business.”

Hilco’s name has been touted around since HMV went into administration on 15 January. Hilco has form with HMV. In 2011, it acquired HMV Canada from the parent company for £2 million.


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