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Charlie Mullins
Brian Hay
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Julie Meyer
Jeremy Roberts
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Richard O'Sullivan

Category: HMVSyndicate content

Restructuring specialist Hilco has bought HMV in a deal that could save 2,500 jobs.

HMV has signed trading agreements with the majority of its suppliers meaning new stock will be on sale in its stores.

Sixty-six HMV stores are to close, resulting in the loss of 930 jobs.

Over 1,400 stores have been left at risk of closure or have already shut their doors after a disastrous month on the high street, with recent administrations threatening to push the national shop vacancy rate to a record high.

HMV’s finance director, David Wolffe, has stepped down just days after the departure of the group’s chief executive Simon Fox.

Administrators for entertainment retailer Zavvi, formerly Virgin Megastore, have announced that its remaining stores will cease trading by February 20th.

The closure of the stores will mean 446 job losses, but administrators were able to save some positions following agreements reached with HMV and Head Entertainment.

HMV
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Five Minutes With

David Hughes sums up his entrepreneurial career to date thus: four spectacular successes and two failures. He founded the sports retailer Allsports and achieved turnover of £180 million before a vicious price war meant decline, administration in 2005 and a sell-off to rival JD Sports.

It took Richard Shonn, managing director of 151 Products, three years to find a warehouse big enough for his requirements.