HMV calls in administrators; 4,500 jobs at risk

The 90-year-old retailer looks ready to collapse.

The Guardian reports that HMV’s board has called in Deloitte as administrators, following weak sales over the Christmas period. 4,500 jobs across its 247 stores are now at risk.

HMV has been struggling with debts for just over two years, but was spared by its suppliers, including Universal Music, EMI, Warner Brothers and Disney, who improved commercial terms in exchange for shares of the company. However, those firms have apparently refused to provide additional financing to the retailer, leaving it with few options to find additional resources.

HMV opened its first store in 1921 on London’s Oxford Street and still owns the world’s biggest record shop there. While it had been shift out of films and music and into accessories such as headphones, it had not done enough to counter the declining sales.

The company’s website is still advertising a 25% off sale. Despite its recent financial difficulties, HMV still sells 27% of all DVDs and Blu-Ray discs and 38% of the physical music market.

Latest

Latest



		
	
Share Tweet

Privacy Preference Center

Required Cookies & Technologies

Some of the technologies we use are necessary for critical functions like security and site integrity, account authentication, security and privacy preferences, internal site usage and maintenance data, and to make the site work correctly for browsing and transactions.

gdpr, woocommerce_cart_hash, woocommerce_items_in_cart, _wp_wocommerce_session, sucuri_cloudproxy_uuid_*

Site Customisation

Cookies and similar technologies are used to improve your experience, to do things like:

- remember your login, general, and regional preferences
- personalize content, search, recommendations, and offers

Without these technologies, things like personalised recommendations, your account preferences, or localisation may not work correctly.

wp-settings-*

Personalised Advertising

These technologies are used for things like:

- personalised ads
- to limit how many times you see an ad
- to understand usage via Google Analytics
- to understand how you got to our web properties
- to ensure that we understand the audience and can provide relevant ads

We do this with social media, marketing, and analytics partners (who may have their own information they’ve collected). Saying no will not stop you from seeing our ads, but it may make them less relevant or more repetitive.

_ga, _gid, gat,_gads,_fbp