Gwent HMV stores are saved from closure
11:40am Friday 8th February 2013 in News
NEWPORT and Cwmbran’s HMV stores are to avoid the axe as administrators close 66 shops at the music chain, costing nearly 1,000 jobs.
Deloitte said the shop closures were expected over the next one to two months but Newport and Cwmbran branches are not part of the cull.
Administrator Nick Edwards said the shops had been identified as part of an ongoing review of the company’s financial position and the group still hoped to secure a future for the restructured business.
He 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.’’ The group, which currently has 220 UK stores, called in the administrators last month, but hopes of a rescue deal have been raised after restructuring firm Hilco – the group behind HMV Canada – bought the company’s debt.