4,350 staff in danger according to BBC.
Tonight several reports have emerged stating that HMV is preparing itself for administration with the aim of either sale or liquidation.
The BBC was the first to report word that the respected music, DVD and games retailer has already appointed the respected financial advisory body Deloitte to run the chain’s 239 stores during this period of transition.
HMV isn’t the first retailer in the UK to experience a tough time over the past year, with Comet closing towards the end of 2012, but this news still won’t be much consolation to the 4,350 staff still employed by the group.
The history of HMV can be traced back to 1907 when the Gramophone Company, as the retailer was known then, built and financed a record production faction in Hayes, Middlesex. The first store associated with the company was opened in Oxford Street, London in 1921 being one of the first retailers to sell only records on a considerable scale. Since then His Master’s Voice has expanded substantially, selling games, tablets, MP3 players, books, t-shirts, entertainment memorabilia, CDs and of course records in stores across the country.
A full statement from the HMV board is expected to be made to the stock market tomorrow morning.
It’s worth noting that GAME also entered into administration last year and a buyer was found relatively quickly to save the store. We’re hoping that the current issues at HMV get solved in a similar manner, as a great number of jobs hinge on the retailer bouncing back.
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