The high street is bracing itself for more possible store closures, with HMV, Greenwoods Menswear and footwear retailer Shuropody among the businesses struggling with changing consumer demand.
HMV
HMV’s 128 stores are at risk of closure after it entered administration for the second time in six years.
According to Radius Data Exchange, HMV’s retail portfolio totals around 980,000 sq ft, with each shop averaging 7,650 sq ft.
The music retailer’s 128 stores, located across the UK, include nine that operate under the Fopp brand. It employs approximately 2,000 permanent staff.
KPMG, which has been appointed as administrator, said it would continue to trade the business as a going concern while assessing its options, which include a possible sale.
Will Wright, partner at KPMG and joint administrator, said: “For decades, HMV has been one of the most iconic names on the high street.
“While we understand that it has continued to outperform the overall market decline in physical music and visual sales, as well as growing a profitable e-commerce business, the company has suffered from the ongoing wave of digital disruption sweeping across the entertainment industry.
“This has been in addition to the ongoing pressures facing many high street retailers, including weakening consumer confidence, rising costs and business rates pressures.”
Greenwoods Menswear
Yorkshire-based menswear retailer Greenwoods Menswear has ceased trading at its remaining stores, 18 months after its rescue from administration.
Greenwoods entered administration in September 2017, before it was bought out by Versatile International Trading.
At the time, it operated 63 shops and had an annual turnover of £20m. Versatile had previously outlined intentions to close 22 of these shops, keeping 41 open.
Shuropody
It has emerged that foot clinic and footwear retailer Shuropody appointed administrators last month.
It has already completed two company voluntary arrangements in the past two years.
Shuropody has 22 shops in the UK, according to its website.
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