Deloitte confirms additional stores to close.
Struggling music and game retailer HMV is set to close nearly 40 more stores. A few weeks back, music retailer and entertainment company HMV announced that it had officially entered administration. Though little information on the company's future was offered, HMV did say that it had appointed Deloitte as an administrator. Deloitte in turn said it would be keeping stores open while it assesses HMV's situation and seeks a buyer. However, a fortnight ago, Deloitte revealed plans to close a third of the UK's HMV locations.
Now it seems even more shops are on the chopping block. According to the Telegraph, Deloitte has confirmed plans to close 37 more shops. This includes HMV’s four retail locations at London's Heathrow Airport. Deloitte said the closures will "enhance the prospects of the restructured business." These additional closures will bring HMV's number of stores down to just 116.
It's not clear how many additional jobs will be lost thanks to this fresh wave of store closures. A total of 930 staff lost their jobs when HMV shut down the first 66 shops.
HMV has struggled for many years against digital distribution platforms like iTunes and Amazon, which both allow customers to purchase music instantly without leaving their homes. Though the stores also sell game consoles, video games and other merchandise in addition to music and DVDs.