Sat, 09 Feb 2013 | BUSINESS SALE
HMV's sale of a total of 66 of its shops has been confirmed by the group's administrators.
Administrators from Deloitte have confirmed that they plan to sell 66 of the company's 230 UK stores, putting 930 jobs at risk.
A statement from the joint administrators read: “No fixed date is set for the closure of these stores, which will continue to trade in the meantime. However, it is expected that closures will take place over the next one to two months.”
The business has already sold its debt to Hilco, for significantly less than it was valued at. This gave Hilco, which bought up HMV Canada a few years ago, effective control over the business and a say in the sale.
Among the shop fronts being sold is the flagship HMV Oxford Street store in London, the lease on which is expected to go for between £6 million and £9 million. Zara's owner Inditex, H&M, Uniqlo and JD Sports are all among the frontrunners for the site, which is one of the largest music shops in Europe.
The Oxford Street store brought in annual profits of over £1 million and was a well-known destination for music fans and industry professionals alike. Acts such as Coldplay, Madonna and Blur have all played at the store at some point in the past, while fans have come to know the shop as a destination for great music.
It is thought that the shop sale will go through pretty quickly due to its high profile location and reputation.
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LEASEHOLD
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