Reuters: Bankruptcy News: HMV Irish stores shut permanently by receiver

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HMV Irish stores shut permanently by receiver Feb 12th 2013, 14:39 Tue Feb 12, 2013 9:39am EST DUBLIN Feb 12 (Reuters) - The receiver at HMV, the music and video retailer, permanently shut the group's 16 loss-making Irish stores on Tuesday because of a lack of interest from possible buyers. All 300 staff at the group's Irish operation will now be made redundant, having been temporarily laid off on Jan. 16 when the company went into receivership in Ireland, the day after HMV sought protection from creditors in Britain. Unlike administration, known as examinership in Ireland, receivership is not aimed at keeping the company operating as a going concern. "The marketplace is very difficult given competition from web-based retailers and digital downloads, compounded by a number of other factors including high levels of rent," Deloitte, the Irish receiver, said in a statement. "All stores were loss making and it was not possible to attract a purchaser," Deloitte said. Some 66 HMV stores are set to close in the next two months as Deloitte tries to salvage some that have remained open in Britain.

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