HMV in Gloucester and Cheltenham WILL close
HMV stores in Gloucester and Cheltenham are to be closed, it has been confirmed today by their administrators.
The music store fell into administration in January but there had been high hopes that the Gloucestershire stores would be saved.
But administrators Deloitte announced this morning their fate.
In a statement, Nick Edwards, joint administrator, said: "As part of our ongoing review of HMV's financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure.
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"This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern.
"Together with the previously identified 66 closures, this restructuring will result in a residual portfolio of some 116 stores.
"We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period. All other key stakeholders including suppliers and landlords remain supportive and we appreciate their ongoing assistance."
The affected stores employ 464 staff.
No fixed date is set for the closure of the stores which will continue to trade in the meantime.
Iit is expected that closures will take place over the next four to six weeks in parallel with the 66 stores that are already subject to a closure programme.
HMV currently operates from 219 stores in the UK.