Staff to be laid off at music retailer

HMV store Kirkgate, Wakefield
HMV store Kirkgate, Wakefield

Wakefield’s branch of music retailer HMV will close.

Staff will be laid off at the store in the Cathedral Precinct, which is among 66 UK-wide which will close in the next two months.

The 91-year-old company, which employs 4,500 people, appointed administrators from accountancy firm Deloitte last month after being hammered by an rise in online shopping.

Deloitte said 930 staff were employed at the 66 stores set to close.

Joint administrator Nick Edwards said: “As part of our ongoing review of HMV’s financial position, we have now completed a review of the store portfolio and have identified 66 loss making stores for closure.

“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.”

Deloitte said the closure was expeted to happen over the next one to two months.

The administrators have also been in talks with restructuring specialist Hilco about taking over HMV.

Hilco, which already owns HMV Canada, has bought HMV’s debt from its lenders, and could take full control of the company.

HMV first cancelled gift cards, but is now accepting them.