BASINGSTOKE town centre’s HMV, in Festival Place, has survived the latest cull of stores which has resulted in the loss of nearly 500 jobs.

Last Wednesday, joint administrators for the collapsed music and DVD retailer announced that a further 37 stores are to shut on top of the 66 stores that have already been earmarked for closure.

The closures are set to take place over the next four to six weeks.

HMV currently has 219 stores in the UK, so the move means that almost half of its UK branches will be closed.

HMV, which has faced intense competition from online retailers, went into administration in January.

Nick Edwards, from joint administrators Deloitte, said: “This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern. We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period.”

Earlier this month, the chain signed trading agreements with the majority of its suppliers, ensuring that new stock will continue to be on sale in stores.