HMV To Close Up To 100 Stores

It's being reported that HMV's administrators are set to close up to 100 stores across the country.

The Telegraph is reporting that Deloitte (HMV's administrator) will announce later this week that somewhere between 60 to 100 shops have been earmarked for closure. The shops will not close immediately, however, staying open until they have sold their remaining stock. This means potentially up to 1500 people will soon face unemployment.

A source close to HMV said that the decision has been made to take the troubled retailer to the "next stage of restructuring".

It was recently announced that Canadian 'restructuring specialist' Hilco had assumed HMV's existing debts, effectively giving it control of the company. Currently, HMV has 223 UK shops in total, but Deloitte and Hilco believe that reducing its portfolio to between 120-160 shops is crucial for its longterm survival on the British high-street.

Big changes have already been made, with 190 jobs being cut at HMV's head office last week.

Daniel is IGN's UK Staff Writer. You can follow him on IGN and Twitter.

Source : ign[dot]com