300 Irish workers from high street music chain HMV are today facing the news that their jobs are to be lost. The retail giant this afternoon announced, via its financial receiver, that its 16 Irish branches which had been closed since the middle of January will not reopen their doors.
The writing has very much been on the wall for the troubled retailer for some time but there were still hopes that a buyer could be found and that most or all of the jobs could be saved.
The reason for the multiple closures is understood to stem from the fact that all of HMVs Irish branches were operating at a loss. The chain's receivers Deloitte made the judgement that HMV can no longer practice its business and isn't a viable commercial enterprise, especially in the face of competition from the burgeoning streaming and download sector.
High rent on the HMVs 16 locations across Ireland was also mentioned as being a factor.
