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Hilco planning to cut more than 400 HMV jobs

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Following its recent acquisition of entertainment retailer HMV, Hilco will reportedly cut an estimated 400 or more jobs, according to The Times.

Several staff positions, including security guards and cashiers, are apparently outlined in an internal memo for cuts. Security guards are expected to remain only at stores that qualify as "high risk," while only cashiers at the top 30 stores will be potentially exempt. With nearly a sixth of the workforce removed, the company expects to save £7.8 million of its payroll.

Hilco acquired more than 142 HMV stores and 2,500 employees earlier this month. At the time of the acquisition, the company announced that it would work with existing management, at least initially, for the transition. Hilco assumed control of HMV after taking on the company's debt in January.