September 2 2014 Latest news:
Melissa York, Reporter
Friday, February 1, 2013
Around 20 people have lost their jobs at an HMV distribution centre in the first tranche of redundancies since the group collapsed into administration.
A total of 24 jobs have been axed at the centre in Bidder St, Canning Town, while 78 jobs are going at the company’s headquarters in Eastcastle Street, near Oxford Circus.
Administrators Deloitte said retail jobs remained unaffected and all stores continue to trade.
Nick Edwards, joint administrator, said the job cuts were a “necessary step in restructuring the business to enhance the prospects of securing its future as a going concern”.
Hopes of a rescue deal for HMV have been raised after restructuring firm Hilco - the group behind HMV Canada - bought the company’s debt last week.
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.