HMV store closes and fresh blow on horizon
HMV has become the latest store to leave Southport, despite the business being saved by a Canadian record company.
The entertainment retailer has faced an uncertain future after falling into administration in December amid a hugely difficult time for high street businesses.
It was announced on Tuesday morning that 100 stores would be saved as a result of the takeover by Sunrise Records, but administrators KPMG said that 27 branches would close down immediately.
And it was revealed later that afternoon that the Southport store, on Chapel Street, was among those closing.
Another store set to follow HMV in leaving the town in furniture specialist BrightHouse, which announced on Tuesday evening it would close 30 branches.
The rent-to-own firm will soon close its Eastbank Street store and says redundancies are inevitable.
The closures across the country account for a tenth of the company’s shops as BrightHouse battles a £22.1m pre-tax loss revealed in its latest set of accounts.
The news comes amid a crackdown on rent-toown retailers after the Financial Conduct Authority found that 400,000 people were paying an extra £23m a year on goods such as TVs and fridges because of overpricing and excessive interest charges. The FCA is introducing a cap in interest rates that firms like BrightHouse will be able to charge their customers from April.
A BrightHouse spokesman said: “We are working to redeploy as many people as possible into alternative roles but redundancies will be inevitable.”
The shops’ departures will leave more empty spaces in Southport town centre and come just weeks after Patisserie Valerie closed its cafe in nearby Lord Street.
Along with the closures of BHS and H&M in recent years, three of Chapel Street’s largest units are now vacant at a time when high street stores are increasingly struggling.