MUSIC retailer HMV has been rescued from administration by Canadian retailer Sunrise Records in a move that buys out 100 stores, keeping 1,487 jobs.
The deal though will see 27 unprofitable stores – including four under its Fopp brand – close immediately, resulting in 455 instant job losses.
The affected stores are located across the country but include HMV’s iconic store on Oxford Street in London.
You can find a full list of all store closures in the box below.
They include 23 HMV stores and four Fopp stores – a music and book retailer HMV purchased in 2007, which will now have just four stores left in the UK.
In addition, 122 warehouse workers will have their jobs axed once they’ve assisted administrator KPMG with its winding down operations.
The company said in a Twitter message: “HMV is built on the passion of our colleagues. We are sorry to have to say goodbye to some amazing people today. Thank you for your hard work and dedication over the years. We will miss you.”
The Sun has asked both KPMG and Sunrise Records what the deal means for shoppers rights in terms of refunds, gift cards, and prices.
The 27 HMV stores that have closed
HERE's a full list of the HMV stores that shut today as a result of the administration deal:
- Ayr
- Bath
- Bluewater
- Bristol Cribbs
- Chichester
- Exeter Princesshay
- Fopp Bristol
- Fopp Glasgow Byres
- Fopp Manchester
- Fopp Oxford
- Glasgow Braehead
- Guernsey
- Hereford
- Manchester Trafford
- Merry Hill
- Oxford Street
- Peterborough Queensgate
- Plymouth Drake Circus
- Reading
- Sheffield Meadowhall
- Southport
- Thurrock
- Tunbridge Wells
- Uxbridge
- Watford
- Westfield London
- Wimbledon
And we’ve asked if the website has also been purchased as part of the deal. We’ll update this story as soon as we hear back.
HMV became the first high street casualty after Christmas as it collapsed into administration in December.
It was the second time HMV had collapsed in recent years, having filed for administration in 2013.
Which shops did we lose from the high street in 2018?
A NUMBER of familiar high street names hit the rocks last year, including:
- Asda: the supermarket began consulting with staff over potential job losses last year which could total almost 2,500.
- Coast: collapsed into administration in October 2018, putting 300 jobs at risk. 24 standalone stores have been closed, while Karen Millen is understood to have bought the group’s brand and website, saving around 600 roles.
- Evans Cycles: up to 50 per cent of its locations will also close, leading to around 650 job cuts.
- Gaucho: the restaurant group prepared to file for administration in July 2018 facing the loss of 1,500 jobs. The Argentinian restaurant had been in talks with potential buyers since May 2018.
- House of Fraser: announced in early August that 31 of its 59 stores would be closing by January 2019. This meant 2,000 jobs were at risk – along with over 4,000 of its brands and concessions. It’s now been confirmed that Sports Direct owner Mike Ashley has bought the company.
- Ikea: The Swedish furniture store unveiled plans to cut 350 UK jobs over the next two years as part of a global transformation plan. But it will also add 500 new jobs in spring when the new Greenwich store opens.
- Laura Ashley: the retail chain is expected to close around 40 stores under its new chairman.
- New Look: is looking at plans to close 60 stores in the UK, with its owners considering a possible Company Voluntary Arrangement (CVA), which will allow it to restructure its business and pay-off its debts.
- Pets At Home: the pet chain is likely to cut some jobs next year, having earmarked 30 vet practices at its stores for closure.
- Prezzo: also announced plans to close 100 restaurants putting hundreds of jobs at risk.
- Toys R Us: went into administration earlier this year. The company, for many years a household name in retailing, faced the loss of 3,000 jobs.
The owner of Sunrise Records, Doug Putman, said: “We are delighted to acquire the most iconic music and entertainment business in the UK and add nearly 1,500 employees to our growing team.
“By catering to music and entertainment lovers, we are incredibly excited about the opportunity to engage customers with a diverse range of physical format content and replicate our success in Canada.
“We know the physical media business is here to stay and we greatly appreciate all the support from the suppliers, landlords, employees and, most importantly, our customers.”
Your rights if you're made redundant
IF you're being made redundant, you may be eligible for the below, according to GOV.UK.
- Redundancy pay: If you’ve been working for your current employer for at least two years, you’re usually entitled to a statutory redundancy pay.
- A notice period: According to redundancy law, you’re entitled to a minimum notice period of 12 weeks’ if employed for 12 years or more, at least one week’s notice if you have been employed between one month and two years, or one week’s notice for each year if employed between two and 12 years. If your employer doesn’t want you to work your notice period they can offer you a lump sum instead.
- A consultation with your employer: Employers always have to consult with employees before dismissing them on the grounds of redundancy. In short, your employer must tell you what’s going on and give you a chance to ask questions and raise objections.
- The option to move into a different job: Your employer might offer you “suitable alternative employment” within your organisation or an associated company. Keep in mind that you may lose your right to statutory redundancy pay if you unreasonably turn it down.
- Time off to find a new job: If you’ve been continuously employed for two years, you could be given a reasonable amount of time off to look for another job or to arrange training to help you find another job.
Putman, speaking on BBC Radio 4’s Today programme described HMV as a “fantastic, heritage brand.”
Meanwhile, Will Wright, partner at KPMG and joint administrator, said: “We are pleased to confirm this sale which, after a complex process, secures the continued trading of the majority of the business.
“Our immediate concern is now to support those employees that have unfortunately been made redundant.”
More on money
The news comes after almost 20,000 shops and restaurants closed their doors and 148,132 jobs were wiped out in the past year, according to end of year figures compiled by the Centre for Retail Research.
Last year, shops suffered the worst Christmas since the financial crisis a decade ago as customers shunned the high street.
And last week, Tesco announced it’s cutting 9,000 jobs and closing fish, meat and deli counters in 90 stores.
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News Photo HMV reveals the 27 stores set to close after music retailer is rescued from administration – is your local shutting?
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