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.
Rumours began to circulate late last week when several branches failed to open prior to the Blue Cross Sale, which launched this past weekend with 25% off a large amount of stock that couldn’t be shipped over Christmas, primarily due to the huge boost in online sales. But what began as mere conjecture has seemingly been confirmed by various news outlets, primarily MVC who were the bearers of bad news last year when Game entered into similar problems.
HMV, who employ over 4,000 staff members across the UK, are believed to be planning a final announcement later tonight or first thing tomorrow.
We shall have more news as its announced.
How do you feel about this news? Is the day of the high street cd and film shop over? Have your say below but it sure feels like the end of an era.
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This article was first posted on January 14, 2013