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[January 05, 2014]
HMV stores in capital to close [Scotland on Sunday]
(Scotland on Sunday Via Acquire Media NewsEdge) EDINBURGH has suffered a double blow after the new owner of the HMV music and DVD chain ordered a string of store closures.Restructuring outfit Hilco acquired the retail business last April after it fell into administration following a lengthy battle with supermarkets, online retailers such as Amazon, and digital downloading and streaming.It promised "an enhanced music and visual range" after completing its rescue deal, which encompassed 141 stores, including 25 which had been earmarked for closure by administrators at Deloitte. Nine shops trading under the Fopp brand, which has Scottish roots, were included in the deal.But a number of store closures have now emerged across the UK, with shops in Leith's Ocean Terminal shopping centre and Fort Kinnaird on the outskirts of the Scottish capital staging closing-down sales.The two outlets had initially been earmarked for closure last year when administrators were appointed, along with a flagship Princes Street branch, which remains open.It is thought that Hilco bought the HMV business from Deloitte, which closed 66 stores shortly after being brought in, for GBP50 million. It had long been seen as the favourite to strike a deal after buying the group's GBP176m of debt for a reported GBP40m.The new owner had talked of reclaiming the space devoted to selling tablets and other electronic devices for a wider range of music and videos.
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