HMV Announces UK Redundancies

It's been a rough couple of weeks for HMV. A couple of weeks back, the music retailer and entertainment company 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 and Deloitte said it would be keeping stores open while it assesses HMV's situation and seeks a buyer. Unfortunately, though stores remain open, staff aren't safe from redundancies.

The BBC today reports that Deloitte has announced numerous redundancies at HMV. While those working at the stores will keep their jobs, many people working at HMV's head office or distribution network have been let go. The official figure stands at 190 job losses, though it's not clear how many departments within the company are affected. Speaking to the BBC, Nick Edwards, Joint Administrator, commented that the redundancies were necessary for HMV's future.

"Although such decisions are always difficult, it is a necessary step in restructuring the business to enhance the prospects of securing its future as a going concern," he's quoted as saying."

Last week brought word that Hilco, the same company that purchased HMV Canada from HMV Group last year, had purchased HMV's debt. Last year's sale of HMV Canada to Hilco is the reason why the Canadian HMV stores are unaffected by HMV Group's financial problems.

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  • JackFrost860
    I was shopping HMV Oxford street, London before Christmas and it was really busy. I doesn't make sense why a shop that is busy with paying customers is in trouble!
  • lassik
    Not just in London, the one in Nottingham is still thriving and there's always quite a long line of customers.

    All I can think of is that it's very bad management, behind the scenes...