11:26 01 February 2013
HMV is to axe 190 jobs, the accountant firm Deloitte, who are HMV’s appointed administrators, has said. It is believed the job losses will be spread across the retailer's head office and distribution network.
It is understood the entertainment company, who are expected to continue trading, have not made redundancies at their shops.
Joint Administrator Nick Edwards said: "Since our appointment as administrators over two weeks ago, we have been assessing the financial position of HMV.
“Following this review, a number of redundancies at the head office and distribution centres have been made.”
Mr. Edwards added: "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."
Based on reports, information concerning jobs at HMV was disclosed on the social network site Twitter.
In particular, one tweet mentioned "mass execution of loyal employees who love the brand". HMV acted to delete tweets from the Twitter account @HMVtweets.
HMV, whose first store opened 92 years ago, grew to have over 220 stores. Their administrators Deloitte, an accountancy firm, were appointed mid-January, 2013.
The reason for the decline in business for high street store HMV is thought to be related to many consumers turning to the internet for products. Shoppers can purchase items such as DVD’s and CD’s online.
Reportedly, HMV suffered a decline in sales of 10per cent between May and October last year.
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