HMV buyer Hilco cutting 400 jobs - report

HMV buyer Hilco is said to be cutting 400 jobs following its recent acquisition of the brand. It follows hope that all 2,500 jobs were to be saved across the brand's 141 UK stores last week.

The Times reports that Hilco is trying to trim £7.8 million off HMV's payroll operations, as suggested by a leaked memo that suggests the chain's security guards now face the axe, and have been deemed "high risk".

The report adds that cashiers will also be facing redundancy in all but the top 30-performing stores across the country, while supervisors are said to be replaced on the tills by managers and part-time staff. It is believed that part-time staff will eventually make up 50% of HMV's UK workforce.

MCV adds that here is a rumoured consultation period in motion that will last until the end of the month.