Loss-making HMV to shut (From Croydon Guardian)

Croydon Centrale HMV to shut

3:00pm Thursday 7th February 2013 in News By Chris Baynes, Reporter

A loss-making Croydon branch of the beleaguered entertainment retailer HMV is to be shut by administrators.

The Centrale shopping centre store, which employs 17 people, is one of 66 branches being axed in efforts to save the high street chain.

No fixed date has been set for closure but the store is expected to shut within two months. It will continue to trade in the meantime.

The closures, affecting 930 staff nationally, come after administrators Deloitte were appointed to oversee the retailer's 223 stores in January.

Nick Edwards, joint administrator, 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.

“We continue to receive strong support from staff and are extremely grateful to them for their commitment during an understandably difficult period. 

"All other key stakeholders remain very supportive and I continue to be hopeful of securing a future for the restructured business.”