Hilco acquired the retail chain HMV less than two weeks ago and is already planning on laying off 400 employees, according to The Times. Hilco is trying to lower the total HMV payroll by £7.8 million.
Hilco is getting rid of three roles within HMV, including security guards, cashiers and supervisors from select stores. Cashiers will be let go in all but the top 30 stores and the supervisors are being replaced by managers and part time staff.
The 400 laid off is equal to about a sixth of the current 2,500 employees. The 2,500 employees work across 140 stores. The layoffs are expected to take by the end of May. With these layoffs 50 percent of the remaining employees will be part time.