HMV closing 100 stores while Morrisons move to the high street
HMV is closing 100 stores in the next stage of their administration, which puts 1,500 people's jobs at risk, which is clearly very lousy. It seems that stores will stay open while they flog the remaining stock (and if HMV's ideas of sales price are anything to go by, they could be open for another ten years as people scoff at CDs still costing around a tenner).
One of HMV's flagship stores look like it will be the first to go, with bosses looking to close down either the Oxford Street or Piccadilly branches.
This comes on the back of 190 staff getting sacked at the head office (and the small Twitter furore that followed it), leaving HMV to restart marketing with a considerably smaller team and looking at ways of shifting some units, probably through online channels (which HMV has foolishly neglected for too long).
Meanwhile, supermarkets are looking at buying some of HMV's premium pavement space, with Morrisons said to be interested in acquiring former stores. The supermarket have also reportedly acquired a number of former Jessops stores for its Morrisons Local wing, after the camera retailer went into administration.
"Morrisons is aiming to build its convenience business by adding at least another 50 stores this year" said a spokesperson