Hilco plans 400 job cuts at HMV

10 days after it bought entertainment retail chain HMV, an internal memo has revealed that restructuring firm Hilco is planning to cut 400 staff.

The Times reported that Hilco plans to do away with three roles within the chain's operations, namely security guards, cashiers and supervisors from selected stores. This equates to around a sixth of the current workforce. The consultation period will end next month.

The memo added that the move will mean part-time employer numbers will be raised to meet 50 per cent of staff demand, and managerial staff will man the tills.

When Hilco purchased the chain earlier this month, administrators Deloitte were keen to emphasise that the move would save jobs.

"The sale of the restructured portfolio secures the employment of 2,643 staff, saves one of the world's most iconic retail brands and provides a solid financial footing on which the business can be taken forward," said Deloitte's Nick Edwards at the time.