HMV Nipper

HMV NipperThe rumoured rescue package for HMV seems to have stalled with the administrators saying that 66 of the music and DVD retailer’s stores will close over the next two months.

The affected stores employ 930 staff, Deloitte said. Last week, it was confirmed that about 190 jobs had been shed across HMV’s head office and distribution network.

HMV entered administration in January.

It has faced intense competition from online retailers, digital downloads and supermarkets in recent years.

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  1. Wouldn’t say it has “stalled” – that’s exactly what happens in an administration process, they cut costs (close unprofitable stores, sack people), improve the business (eg reduce range to the most profitable; renegotiate borrowings) and either sell the business on to a third party, or in rare cases exit administration. It often takes months and you can expect more closures and changes.


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