HMV at Fulham Broadway among 66 Stores Set for Closure
Staff among 930 employees across country facing redundancy
The local branch of HMV in Fulham Broadway is among 66 stores which will be closed down by administrators, with staff of the store among 930 employees across the country facing being made redundant.
The Fulham store is among four in London set for closure, including Wandsworth's Southside Centre.
However, the store in Westfield in Shepherd's Bush has so far been saved after restructuring group Hilco took over HMV's debts and began streamlining the retail chain.
Joint administrator Nick Edwards said: "As part of our ongoing review of HMV's financial position, we have now completed a review of the store portfolio and have identified 66 loss-making stores for closure. This step has been taken in order to enhance the prospects of securing the business' future as a going concern. "
Meanwhile HMV have used their Twitter account @hmvtweets to thank staff and customers, saying: " We want to acknowledge the invaluable contribution of affected colleagues, who continue to work with great passion and dedication.
" We also sincerely thank our customers in these locations for their valued support and we hope you will continue to shop at HMV."
HMV become the second high street chain to fall into administration during January, following the collapse of camera chain Jessops.
The CD, DVD and computer games retailer appointed the accountancy firm Deloitte as administrator. At the time, gift cards were suspended but were later reinstated after a customer backlash, and so far can still be used in Fulham.
HMV stands for His Master's Voice and the retailer is synomymous with Nipper, the Jack Russell dog that listens to a gramophone in its most famous logo.
The composer Sir Edward Elgar opened the inaugural HMV store opened on London's Oxford Street in 1921. Today the chain employs 4,350 staff at 236 stores, but it has been struggling as customers have shifted to downloading music and films or buying products online.
A statement released by HMV in January said: "The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect."
The closure of HMV will leave one of Fulham Broadway's most prominent sites empty, though it has been reported that another chain, Game Retail may be interested in buying some of HMV's stores.
The Blockbuster store at the foot of North End Road is also set to close down, after that chain became the third to collapse last month.
February 7, 2013
