HMV, one of the UK’s largest entertainment retailers could be going into administration as early as tomorrow morning, according to BBC News.
The news comes just hours after MCV.com announced that the directors of the beleaguered retail chain are locked in meetings tonight considering the company’s future. Although there are several options available to them, administration looks to be the most likely option according to sources at The Independent, Sky News and Channel 4.
Latest reports suggest administrators Deloitte would run the 239-store chain and some 4,350 staff.
Any hopes that the company would be bailed out by US based Apollo Global Management have been crushed when they opted not to buy into anymore of HMV’s spiralling debts.
We are currently seeking Music contributors on WhatCulture. To find out more about the perks of being a Music contributor, click here.
You Might Also Like...
- HMV Employees Hijack Twitter Feed Ahead Of Being Fired
- HMV To Accept Gift Cards From Tomorrow
- HMV Website Suspended & Refunds Refused
4 Comments
Sad, but they were so expensive.
what a terrible pity, but the writing has been on the wall for so long. i guess the old school record store is dead. personally, it was my favourite shop to wander around and waste a few hours but saying, quite often i didnt purchase anything because i found them too expensive. the high street sure has a different look after all these old names closing.
This is really sad, just because all the staff who are going to be out of a job.
Incredibly sad news. I didn’t even find the majority of HMV prices overly expensive. There were always deals of some kind, I recently purchased many Blu-Rays on their 5 for £30 deal, cheaper than you’ll find them in most places and with a great selection. Admittedly brand new films were a tad more expensive than places like Asda, but they offered some great rewards for the points they gave out too.