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COLLAPSED MUSIC RETAILER HMV will close 66 of its stores over the next two months in a move that will axe nearly 1,000 jobs, administrators Deloitte has announced.
“The joint administrators of HMV today confirm that 66 of the group’s stores have been identified for closure,” Deloitte said in a statement yesterday.
“The affected stores employ 930 staff. No fixed date is set for the closure of these stores which will continue to trade in the meantime.
“However, it is expected that closures will take place over the next one to two months.”
The group, which currently has 220 outlets in Britain and 16 stores in Ireland had last month slumped into administration - the process whereby a troubled company calls upon independent expert financial help in an attempt to remain operational.
HMV was the nation’s last remaining high-street music and video specialist retailer but it succumbed to heavy debts and unrelenting pressure from online rivals such as Amazon and iTunes.
Loss making stores
“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,” added joint administrator Nick Edwards in the statement.
“This step has been taken in order to enhance the prospects of securing the business’ future as a going concern.”
He also expressed confidence that they would secure the group’s future after the restructuring.
“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.”
Hopes of a rescue deal emerged late last month after restructuring firm Hilco agreed to buy the debt of HMV, in an agreement which effectively handed it control of the company. No financial details were disclosed.
Back in 2011, Hilco had bought HMV Canada for €2.4 million euros in a transaction which had allowed parent group HMV to secure a new borrowing facility at the time.
- © AFP 2013.
Addition reporting by Michelle Hennessy.
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Schools are more and more being asked to do things which are actually the parent’s job.
@sean o’dhubhghaill: a lot of what you learn in secondary school is not actually pertinent to real life. This is, so what is the harm in it being thought at home and in school?
@A$AP Ragnick: Looks like we’ll have a lot of hygienic, nice and socially conscious people who are academically inept.
@Elrond Rivendell: your right, because it’s impossible to introduce one new module, and the only way to do so would be to eliminate every other subject from the school curriculum so it can be thought 8 hours a day. Silly me.
@A$AP Ragnick: Crikey! Well if your writing is anything to go by, wellbeing and hygiene we’re definitely taught over grammar in your place. To address your substantive point, the original point was that schools are teaching a lot of things that should be taught at home. Your response was along the lines of yeah grand because a lot of things on the curriculum are useless. Wellbeing already gets 100 hours more than English, Irish or Maths and 200 hours more than Science, History, Business, Geography, Languages or any practical subjects at Junior Cycle. I think the evidence that we are developing a lot of people who are well versed in hygiene, mental health, social consciousness and such over academically able students is evidenced by the emphasis in the Junior Cycle programme.
@Elrond Rivendell: **were** being taught. Damn auto-correct. Laughing at the irony myself here!
Well done Helen McEntee, this initiative long overdue
Thank you Helen McEntee.
I’m heartened to hear this.
Domestic abuse inflicted by woman on men is a hidden tragedy in this country.
Helen McEntee would make a fantastic Taoiseach.
@Darren: you’d make a much better comedian
@Graham Manning: and you what would you make ?
@Margaret Mcgarry: Listen listen, Graham is one of these “all politicians are dopes and on the take” people. The barstool expert who spouts opinions online that in the days before the internet were only heard at the bar or on the street corner but because he publishes it online, it now becomes fact. Don’t let him bother you.
@Margaret Mcgarry: An English teacher. Want a grind???
@Elrond Rivendell: says the person convinced introducing this will make students academically inept???
Excellent news!
I like this Helen McEntee.
About time, I feel so ashamed and guilty about being a man, especially a straight, white man.
We need to make sure none of our boys grow up with self respect and confidence.
Critical race theory is hopefully next.
Our schools need third wave feminism urgently before even more of our children get brainwashed by the patriarchy to believe that men and fathers deserve the same rights and respect as women and mothers.
@Dan Broderick: It was inevitable that someone would have a spectacularly bad take on this. Congrats on hitting every buzz word on the “woke madness” bingo card while somehow suggesting that teaching people about consent negatively impacts their confidence. Thankfully, it’s a dying breed that yearns for the good old days when men were men, wha?
@OnlyHereForTheComments: Misogyny was mentiined twice in the closing paragraph. This shows the true meaning behind the story, this isn’t about equality, this is more ignorant man hating nonsense.
Real men are a dying breed and the anti male agenda isn’t even hidden anymore…..nothing more pathetic, dangerous and repulsive to women as a male feminist
@Dan Broderick: “real men are a dying breed” Lol. Upset that the story mentioned misogyny? The fragility is strong with you.
Speaking at the launch, the Taoiseach said that misogyny has “no place” in Irish society.
I agree but what about Misandry or is that still acceptable in society?? It does exist also, in fact one could argue that the taoiseachs statement could be construed as such? He should have said theres no place for misanthropy – at least thats non-biased.
Teaching both sexes to respect each other covers most scenarios. Parents who allow their young 10-12 year old kids and teenagers to roam around committing anti social behaviour need to cop on . When they get away with it that young it emboldens them do worse as they get older. Why should the teachers be landed with the parents responsibility’s.
have your say