Update on HMV (in administration)
31 January 2013
HMV Group plc, HMV Music Ltd, HMV UK Ltd, HMV (IP) Ltd and Fopp Entertainments Ltd (together “HMV” or “the Companies”) – in administration - Update
The Joint Administrators of HMV today confirm that 190 redundancies have been made across the Companies’ head office and distribution network. There have been no redundancies across the retail network with all stores remaining open and continuing to trade.
Nick Edwards, Joint Administrator, commented: “Since our appointment as Administrators over two weeks ago, we have been assessing the financial position of HMV. Following this review, a number of redundancies at the head office and distribution centres have been made. Although such decisions are always difficult, it is a necessary step in restructuring the business to enhance the prospects of securing its future as a going concern.
“We have been very pleased with the level of interest in the business as a going concern, whilst the response from customers has demonstrated the demand to see HMV remain on the high street. Equally, the support received from suppliers has been very positive and has enabled us to continue trading during the administration. As a result of all of these factors, I remain hopeful we will be able to secure a future for a restructured business.”
Nick Edwards, Rob Harding and Neville Kahn were appointed Joint Administrators to HMV on 15 January 2013.
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