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Hundred HMV shops could go

HMV's administrators are reportedly planning to shut up to 100 of the music chain's shops as part of plans to restructure the business.

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Up to 100 HMV shops could go

HMV Credit: PA

HMV's administrators are reportedly planning to shut up to 100 of the music chain's shops as part of plans to restructure the business.

Deloitte is set to announce the closure of between 60 and 100 shops this week, which could see 1,500 jobs axed, its been reported.

But under the plans, which would leave HMV with between 120 and 160 shops, the doors would not be closed until the stores have run out of stock.

HMV went into administration last month, putting more than 4,120 jobs and 223 stores at risk, but hopes of a rescue deal have been raised after restructuring firm Hilco - the group behind HMV Canada - bought the company's debt.

It is thought that Hilco was planning to begin negotiations with suppliers and HMV's landlords last week as part of a plan to salvage the group.

Hilco reportedly wants to rescue about half of the stores in the UK as it looks to repeat the strategy that has seen it turn around HMV's Canadian arm, which it bought in 2011.

Deloitte declined to comment.

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