HMV boss goes in latest job cuts


hmcHMV boss Trevor Moore has become the latest casualty of another swathe of redundancies at the failed music chain.

Mr Moore was one of 60 staff let go by administrators Deloitte across HMV's head office network at Eastcastle Street in London, Marlow and Solihull.%VIRTUAL-SkimlinksPromo%
The job losses come on top of the announcement that 66 of its 220 shops are to close over the next two months, impacting 930 staff.

Mr Moore's exit comes weeks after he said he was "convinced" the future of the chain could be secured.

On the day HMV went into administration, he said bosses remained "passionate" about the retailer and would "like to be involved in the business going forward if the opportunity presented itself".

Talks are continuing between Deloitte and restructuring firm Hilco - the group behind HMV Canada - which has already bought the company's debt. But any rescue attempt will see HMV emerge as a far smaller business.

Nick Edwards, joint administrator, said the redundancies were a "difficult decision, but a necessary one in restructuring the business".

Mr Moore - who also previously headed up failed camera chain Jessops - was the last of the board members to be made redundant after HMV hit the wall last month. Deloitte announced 190 job cuts last week in the first wave of redundancies.

Workers took over the company's official Twitter account to announce that their jobs were being axed, describing it as a "mass execution of loyal employees".

But there was better news for 200 staff at the collapsed group this week after Deloitte offloaded its remaining entertainment venues.

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HMV boss goes in latest job cuts

Administrators sounded the death knell for Woolworths in December 2008, leading to store closures that left 27,000 people out of work. Since its collapse former Woolworths stores have become a blight in many town centres and more than 100 of the large stores still lay vacant in January 2012.

Loyal customers didn't have go without the family favourite store for long however as it reappeared online as Woolworths.co.uk in 2009, after Shop Direct Home Shopping bought out the Woolworths name.

The greetings cards specialist became the latest highstreet casualty in May with 8,000 jobs on the line when it was forced it into administration. Its biggest supplier, American Greetings, then bought Clintons out of administration and put the retailer through a rebrand including a new logo and complete in-store revamps.

Its contemporary format includes new fixtures and fittings and easier to navigate stores, and will be rolled out to all 400 UK stores at the cost of £16million. Bosses aim to bring the brand back to profit within two years.

Poor sales in the run up to Christmas was the final nail in the coffin for several struggling chains, including lingerie retailer La Senza, which went bust in January 2012 with 146 shops and 2,600 staff. Kuwaiti retailer Alshaya bought part of the business, which saved 60 shops and 1,000 staff.

La Senza has been struggling in a similar way to other specialist shops such as Game and Mothercare, which have been hit by cut-price competition at supermarkets and have no alternative products to help shoulder losses.

Stricken retailer Blacks Leisure, which employed 3,600 staff across 98 Blacks stores and 208 Millets stores, went into administration in Janurary 2012 after failing to find an outright buyer.

Soon after its stores were bought by sportswear firm JD Sports in pre-pack deal - an insolvency procedure which sees a company being sold immediately after it has entered administration – which saw most of Blacks' £36 million of debt wiped out.

Fashion chain Bonmarche, which was part of the Peacock Group, was sold in January when the group collapsed due to unsustainable debts, resulting in 1,400 job losses and 160 store closures. Private equity firm Sun European Partners bought 230 stores, which continue to trade with 2,400 staff.

Peacocks collapsed under a £740 million net debt mountain in January 2012 in the biggest retail failure since Woolworths. Despite being sold out of administration to Edinburgh Woollen Mill in a deal that saved 380 stores and 6,000 jobs, administrators from KPMG were forced to close 224 stores with immediate effect. This lead to 3,350 redundancies from stores and Peacocks head office in Cardiff.

The high street name continues trading as bosses work to stabilise the situation, yet a further blow was dealt this month with news that the firm's pension fund is in £15.8 million shortfall as a result of the collapse.

Game buckled under its £85m debt pile in March 2012 and was placed into administration after being unable to pay a £21m rent bill. Administrator PwC immediately closed 277 shops, with the loss of 2,000 jobs. Soon after, investment firm, OpCapita bought 333 Game stores, saving more than 3,000 jobs.

Game's demise followed a string of profit warnings and the failure of nervous suppliers, including leading names Electronic Arts and Nintendo, to go on providing the latest games, further damaging poor sales.

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