Administrators axe nearly 200 jobs at HMV, upbeat on future

LONDON Thu Jan 31, 2013 3:08pm GMT

The sign of an HMV shop is illuminated in central London, January 15, 2013. REUTERS/Paul Hackett

The sign of an HMV shop is illuminated in central London, January 15, 2013.

Credit: Reuters/Paul Hackett

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LONDON (Reuters) - Administrators at HMV HMV.F, the British music and video retailer which hit the rocks earlier this month, said it was hopeful of securing a future for the business as it announced 190 jobs had gone at the firm.

Deloitte, which was appointed as administrators by HMV after the firm struggled for years against competition from online retailers, supermarkets and download sites, said the cuts had been made at the firm's head office and distribution network.

Deloitte, which is seeking a buyer for all or parts of the business, added that no redundancies had been made across HMV's retail network and that its stores continued to trade.

"We have been very pleased with the level of interest in the business as a going concern...I remain hopeful we will be able to secure a future for a restructured business," joint administrator Nick Edwards said on Thursday.

Edwards added that the support received from suppliers had also been very positive and had enabled it to keep HMV trading during administration.

Last week restructuring specialist Hilco bought HMV's debt, giving the firm a big say in the fate of the 92-year-old group.

(Reporting by Neil Maidment; editing by Lorraine Turner)

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