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BBC News – HMV music and film chain to appoint administrator

  • Trading in HMV shares on the London Stock Exchange is being suspended, the company said in a statement. HMV, which was started in 1921, has struggled against online retailing. The company’s troubles underline the gloom on the High Street and come after a string of high-profile failures, including the closure last week of camera retailer Jessops and electrical goods chain Comet’s collapse last year.

Music and DVD chain HMV is to appoint an administrator, making it the latest casualty on the High Street and putting about 4,350 jobs at risk.

Deloitte will run HMV’s 239 stores in the UK and Irish Republic while it assesses the prospects for the business and seeks potential buyers.

Trading in HMV shares on the London Stock Exchange is being suspended, the company said in a statement.

HMV, which was started in 1921, has struggled against online retailing.

The company’s troubles underline the gloom on the High Street and come after a string of high-profile failures, including the closure last week of camera retailer Jessops and electrical goods chain Comet’s collapse last year.

In a statement late on Monday, HMV 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. ”

 

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