930 jobs will be lost by the move, which Deloitte’s joint administrator Nick Edwards has insisted is vital to the ongoing struggle to secure the company’s future.
“This step has been taken in order to enhance the prospects of securing the business’ future as a going concern,” he has has said. “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.”
HMV went into administration last month after finally succumbing to online and major supermarket retailers, and failing to gain a prominent foothold in the ever growing digital market.
Some of those leading supermarket chains have since shown an interest in purchasing a portion of HMV’s existing stores.
(List of stores currently circulating on the web)