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Taunton HMV to stay open as administrators confirm 66 closures
11:52am Thursday 7th February 2013 in News
HMV in Taunton has survived the axe after administrators confirmed plans to close 66 loss-making stores around the country.
Nine hundred and thirty jobs will be lost when the stores close but administrators hope the decision will bolster the future of the restructured business.
A spokesperson from HMV said: “This decision has not been taken lightly and, though very sad and regrettable, it is necessary to give HMV the best possible chance of emerging from administration and having a future on the high street.”
It is expected that the stores, which make up over a quarter of the High Street chain’s 220 shops and are based mostly in the North, will close within the next two months.
Last October HMV’s debt stood at £176m and the music giant called in administrators after suffering dismal Christmas sales.
There have been hopes of a rescue deal after restructuring firm Hilco - the group behind HMV Canada - bought the company's debt in last month.