|More Jobs at Risk as Republic Faces Administration|
But Westfield branch of HMV escapes the axe
More local jobs are at risk today as fashion chain Republic, which has a store in Westfield in Shepherd's Bush is reported to be on the brink of collapsing into administration.
Republic will be the fourth large chain to fall into administration in 2013, following Jessops, HMV and Blockbuster. The retailer has reportedly lined up Ernst and Young to handle administration of the chain, which has around 120 stores and 1,000 staff.
The Westfield branch of HMV however appears to have escaped the axe. It is not listed among 66 stores across the country which are being closed down down by administrators, with 930 employees being made redundant.
In fact four stores in London are due to close imminently, including the neighbouring branch in Fulham Broadway, which already has the Closing Down signs up, and Wandsworth's Southside Centre.
The closures come after restructuring group Hilco took over HMV's debts and began streamlining the retail chain.
after restructuring group Hilco took over HMV's debts and began streamlining the retail chain.
Making the announcement, joint administrator Nick Edwards said: "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. This step has been taken in order to enhance the prospects of securing the business' future as a going concern. "
" We also sincerely thank our customers in these locations for their valued support and we hope you will continue to shop at HMV."
February 12, 2013