HMV Closing Up To 100 Shops This Week

artist: HMV date: 02/05/2013 category: industry news
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HMV Closing Up To 100 Shops This Week
As we all know, things haven't been going too well for the HMV lately. The company has recently went into administration after the rejection of a £300 million bailout loan, causing anger and despair among both the customers and its own staff. Things even went far enough for one of the employees to hijack the official HMV Twitter account and publicly express his outrage over the current situation. In the latest news, the company has announced the shut-down of somewhere between 60 and 100 stores during the current week. This will cause the loss of about 1,500 jobs with the exact location of stores set for closing still being unknown. A source close to HMV told The Telegraph that administrator Deloitte and the Hilco company believe that the number of stores needs to be cut down to somewhere between 120 and 160 in order for HMV to become viable. The Hilco has recently bought £176 million worth of company's debt, giving the HMV a glimpse of hope for it's rescue. Company's former social media planner Poppy Rose Cleere has recently stood up about the hijack of the official Twitter account, revealing herself as the responsible one. She has apologized to HMV for her actions but also added that she simply felt like someone had to speak, as well as "show the power of Social Media to those who refused to be educated". Things are still not looking good for HMV. Can we now finally say that the days of physical album releases are gone or do you still think that the CDs stand a chance? Post your thoughts in the comments section below.
More HMV news:
+ HMV to Return to Flagship Store on Oxford Street Industry News 08/08/2013
+ HMV Reveal Plans to Open 'New' Store on London's Oxford Street Industry News 08/06/2013
+ HMV to Relaunch with Streaming Service Industry News 05/30/2013
+ All HMV Stores To Be Sold Next Week Industry News 03/19/2013
+ Supermarket Starts Buying HMV Stores Industry News 02/28/2013
+ Elton John Helping To Save The HMV Industry News 02/21/2013
+ view all
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