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More store closures confirmed at HMV
20.02.13 | Lisa Campbell
HMV's administrators have announced that a further 37 shops will close, bringing the number of confirmed store closures to approaching half the chain's original portfolio.
A total of 464 staff will be made redundant as a result of the latest round of closures.
Deloitte, HMV's administrators, said the move was essential in order to "enhance the prospects of the restructured business continuing as a going concern".
Deloitte previously announced 66 stores would close in the next two months. With the 37 now added, the closures will bring HMV's overall portfolio down from 219 to 116 stores.
Administrator Nick Edwards said: "As part of our ongoing review of HMV's financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure. This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern.
"We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period. All other key stakeholders including suppliers and landlords remain supportive and we appreciate their ongoing assistance."