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HMV are to completely close between 60 and 100 stores in a bid to keep the retail chain alive, according to its administrators.

The entertainment retail chain is reportedly attempting to slash costs within the business in order to try and stay afloat and although the chosen shops will not close immediately, they will close as soon as any remaining stock has been sold.

A source close to HMV told The Daily Telegraph that the administrators were ready to commence the "next stage of restructuring", which would mean the closure of up to 100 stores.

These closures will mean around 1,500 jobs will be at risk and likely to be lost. However, the location of the stores to be closed is yet to be decided. 

The HMV chain could be losing up to 100 stores

The two companies currently dealing with the HMV administration, Deloitte and Hilco are working together to try and safeguard the store's long-term future.

It is believed that they want to reduce HMV's chain of 223 shops to a figure between 120 and 160. One loss-making store that could be shutting down is one of HMV's two flagship store in London's Piccadilly Circus.

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