Stratford HMV not on closure hit list

By Laura Maltby Thursday 07 February 2013 Updated: 07/02 12:17

HMV in Stratford is not one of those earmarked for closure.

Administrators for the music giant have revealed 66 of the retailer's stores will close over the next two months - but the High Street store in Stratford is not one of them.

HMV entered administration in January putting 220 stores and 4,350 jobs at risk in the UK. Along with 190 jobs from HMV's head office and distribution network, a further 930 jobs will now be shed, including those at the Leamington store.

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

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

Nick Edwards, spokesperson for 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."

Hilco, which already owns HMV Canada, has bought HMV's debt from its lenders in a move that could pave the way to taking full control of the company.

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