HMV Quits Ireland As Stores Close

| February 13, 2013 | Reply

English: HMV, The Core, Lands Lane, Leeds. Tak...

Approximately 300 staff in Ireland will made redundant as HMV‘s administrators fails to attract investors.

The video and music retailer has shut the group’s 16 loss-making Irish stores permanently because it couldn’t find a buyer for them. The vast majority of the staff had already been temporarily laid off on 16 January when the company went into receivership in Ireland which was the day after they went into administration.

“The marketplace is very difficult given competition from web-based retailers and digital downloads, compounded by a number of other factors including high levels of rent,” Deloitte, the Irish receiver, said in a statement.

A spokesman from Deloitte said: “All stores were loss making and it was not possible to attract a purchaser.”

In the nest 2 months, Deloitte is planning on closing 66 HMV stores as it desperately tries to save the remaining stores that are still open in Britain.

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Category: News, Retail News

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