HMV AND Debenhams have both confirmed that they will close stores, marking a challenging start to the year for UK high streets.
Music chain HMV said over the weekend that it would shut three stores at the end of January, with new tenants set to take up the leases immediately. The three stores set to close are in Bury St Edmunds, Glasgow and Nuneaton.
A further 10 are at risk of closure as the firm comes under pressure to secure new deals with landlords. In a statement the retailer said "extortionate" business rates meant that some stores were no longer commercially viable.
Debenhams, another stalwart of the British high street, said it will shut 19 stores between 11 and 25 January, with an additional 28 stores to close in 2021.
The department store entered administration in April 2019 in a bid to reduce its debt.
Debenhams chief executive Stefaan Vansteenkiste said: "We are working hard to implement the transformation of Debenhams.
"Despite a challenging retail environment... we are progressing with our turnaround."
(c) 2020 City A.M., source Newspaper