Hopes rise for future of HMV stores — and Jessops could make a return

First published in News

HOPES are rising for HMV’s long-term future despite the loss of 190 jobs at its London head office and distribution network.

Administrators at Deloitte yesterday announced the redundancies but said there were no job losses at any shops. All stores are still open and trading, including Bolton’s Crompton Place branch, which has 10 staff.

Joint administrator Nick Edwards, from Deloitte, said: “Although such decisions are always difficult, it is a necessary step in restructuring the business to enhance the prospects of securing its future as a going concern.

“We have been very pleased with the level of interest in the business as a going concern, while the response from customers has demonstrated the demand to see HMV remain on the high street.

“Equally, the support received from suppliers has been very positive and has enabled us to continue trading during the administration.

“As a result of all of these factors, I remain hopeful we will be able to secure a future for a restructured business.”

Hilco, which owns HMV in Canada, has taken over HMV’s debts in the UK, giving it effective control.

It may reduce the number of smaller stores, focusing on selected large towns and city centres, and it is also in talks about buying photography chain Jessops.

Bolton’s Jessops store, in Newport Street, closed in January with the loss of three jobs after entering administration, but Hilco bosses said they may reopen some Jessops outlets at HMV sites at some point.

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