Belfast Telegraph

Saturday 19 April 2014

No buyer found for HMV stores in Republic

THE receiver appointed to HMV Ireland has been unable to find a buyer for the Irish outlets.

The 300 staff who had previously been placed on temporary lay-off will be made redundant while the 16 HMV stores in Ireland that closed after the company went into receivership will not reopen.

A statement said that since his appointment, receiver David Carson of Deloitte had conducted an assessment of the viability of the firm and has actively sought a sale.

"The marketplace is very difficult given competition from web-based retailers and digital downloads, compounded by other factors including high levels of rent," the statement added.

"All stores were loss making and it was not possible to attract a purchaser."

Around 66 stores in the UK arm of HMV are due to close in the next two months as administrator Deloitte continues to look for a buyer.