HMV goes into administration

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15 January 2013
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imports_WRI_0-xx2o8cdq-100000_79712.jpg HMV goes into administration
Around 4,350 jobs are at risk as the high street music and DVD chain announces that it is to appoint an administrator ...

Around 4,350 jobs are at risk as the high street music and DVD chain announces that it is to appoint an administrator

HMV, which has 239 stores in the UK and Ireland, has struggled since 2007 to resurrect its failing business and compete with online outlets and digital sales.

Administrators Deloitte will run the chain while it assesses HMV's future prospects

HMV said in a statement: 'The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect.'

HMV joins a list of high street casualties that includes Borders, Woolworths, Clinton's Cards, Comet, Virgin Records and JJB Sports.

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