Music to the ears of mall shoppers as HMV spared
PLYMOUTH'S branch of the crisis-hit music retailer HMV has been spared the axe – for now.
Administrator Deloitte announced yesterday that 66 of the struggling entertainment firm's 220 shops have been earmarked for closure.
They include flagship stores in Birmingham, Croydon, Edinburgh, Manchester, Glasgow, Blackburn and Bournemouth.
But the HMV inside Drake Circus Shopping Centre will stay open for the time being, it has been confirmed.
Joint administrator Nick Edwards said: "As part of our ongoing review of HMV's financial position, we have now completed a review of the store portfolio and have identified 66 loss-making stores for closure. This step has been taken in order to enhance the prospects of securing the business' future as a going concern.
"We continue to receive strong support from staff and are extremely grateful to them for their commitment during an understandably difficult period.
"All other key stakeholders remain very supportive and I continue to be hopeful of securing a future for the restructured business."
City businessman Ash Mashhadi, of social media specialists Design Inspiration, welcomed the news.
"I'm really pleased that Plymouth's HMV is staying open," he said.
"I know that some people may criticise it as just another chain store, but the fact is that we don't have anything else like it in Plymouth and it employs local people. So it has to be good news for us in Plymouth.
He added: "Maybe HMV should have gone completely digital some time ago in order to save money. Not many people still buy music in a shop anymore."