HMV's Isle of Wight branch in Newport is to close. Picture by Laura Holme.
THE Isle of Wight's HMV branch is to close, administrators have announced today (Wednesday).
Deloitte, which was appointed as administrator to the entertainment company in January, revealed the Newport High Street store was among 37 to be closing.
The news came after unemployment figures showed the number of people claiming Jobseeker's Allowance on the Isle of Wight had risen for the seventh month in a row.
A spokesman said: "No fixed date is set for the closure of these stores which will continue to trade in the meantime.
"However, it is expected that closures will take place over the next four to six weeks in parallel with the 66 stores that are already subject to a closure programme."
Nick Edwards, joint administrator, said: "As part of our ongoing review of HMV’s financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure.
"This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern.
"Together with the previously identified 66 closures, this restructuring will result in a residual portfolio of some 116 stores.
"We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period. All other key stakeholders including suppliers and landlords remain supportive and we appreciate their ongoing assistance."