Twenty-nine former employees of music store HMV are due to receive money owed to them no later than tomorrow, after the company that owns the stores went into liquidation.
In a statement yesterday, Hilco, the company that bought the Irish stores a couple of years ago, said the directors “will fund the amounts due to the 29 employees who are entitled to redundancy (to be paid no later than Wednesday to each employee) so that employees are not beholden to the timing of a liquidator’s appointment”.
The statement said the company was “insolvent and cannot meet its obligations” and it was “placed in a process on Friday morning [last] when its banks demanded payment of debt”.
“This timing was unforeseen and unfortunately meant employees would have to wait to receive their entitlements,” the statement said, adding that a liquidator would be appointed “which is when employees’ entitlements such as holiday pay and redundancy, that are protected by the state, can be progressed”.
HMV outlets in Limerick as well as in Dundrum, Henry Street and Liffey Valley in Dublin have closed their doors in recent days.
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