HMV Irish stores shut permanently by receiver
DUBLIN (Reuters) - The receiver at HMVHMV.F, the music and video retailer, permanently shut the group's 16 loss-making Irish stores on Tuesday because of a lack of interest from possible buyers.
All 300 staff at the group's Irish operation will now be made redundant, having been temporarily laid off on January 16 when the company went into receivership in Ireland, the day after HMV sought protection from creditors in Britain.
Unlike administration, known as examinership in Ireland, receivership is not aimed at keeping the company operating as a going concern.
"The marketplace is very difficult given competition from web-based retailers and digital downloads, compounded by a number of other factors including high levels of rent," Deloitte, the Irish receiver, said in a statement.
"All stores were loss making and it was not possible to attract a purchaser," Deloitte said.
Some 66 HMV stores are set to close in the next two months as Deloitte tries to salvage some that have remained open in Britain.
(Reporting by Stephen Mangan; Editing by Greg Mahlich)
- Tweet this
- Share this
- Digg this
- UK economy picks up in second quarter, recovery pace revised higher
- UK house prices fall for first time in 17 months - Nationwide
- Arsenal must now beat Galatasaray, says Cazorla
- Analysis - Ukraine leader clings to European goal despite Putin
- U.S.-led air strikes pose problem for Assad's moderate foes