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Hilco To Cut 400 Staff at HMV

HMV Logo Black Background

Earlier this month Hilco, the struggling retail restructuring specialist bought HMV in a winning bid which saved 2,643 jobs nationally and secured a sort of future for the struggling retail chain. However, since HMV's sale, Hilco has been in a 'conclave' consultation period where action plans have been carefully pressed in a bid to try and save £7.8million annually, but now it is reported that a memo has been circulated which details some rather predictable measures. Notably, the actions mentioned include cutting security guards from all stores (with the exception of high-risk stores) and cashiers will be thinned out (with the exception of the top 30 highest revenue earners).


It is predicted that HMV will loose approximately 400 staff in a redundancy which reduces the overall staff turnout by 15%. Further continuing, it has also been claimed that managerial positions are at risk as Hilco aims to make part-time staff account for 50% of the overall employees. Although these are systems that should have been obvious and expected to those who have been following the HMV saga, it is still possible that these details might change. Either way, the saving of such an iconic business as HMV is a great achievement and shaving a few jobs appears to be a small sacrifice in comparison to what could have happened.


Edd Harris

Earlier this month Hilco, the struggling retail restructuring specialist bought HMV in a winning bid which saved 2,643 jobs nationally and secured a sort of future for the struggling retail chain. However, since HMV's sale, Hilco has been...

Edd Harris 15th April 2013

Article Ref: #HilcoCut400HMVStaff