More jobs at risk as HMV calls in administrators

THE last high street music chain, HMV, is the second high street casualty of 2013, as it announced it had called in administrators.
By The Newsroom
Published 15th Jan 2013, 09:30 BST
Updated 7th Jun 2018, 20:57 BST

Chichester’s East Street store is at risk, alongside its 236 other stores, and up to 4,000 jobs could be lost throughout the UK.

The company released a statement yesterday (January 14), announcing it had appointed administrator Deloitte, and would not be honouring gift vouchers for the time being.

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A HMV spokesman said: “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.

“The directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.”

After a troubled Christmas, the banks refused to give the chain the lifeline loan needed to keep it afloat.

HMV joins defunct photography chain Jessops, which went into administration last week at the cost of 1,370 jobs across its 187 stores.

Related topics:Deloitte