Putting dozens more jobs in our borough under threat
HMV has become the second high street chain to fall into administration this month, following the collapse of camera chain Jessops.
The CD, DVD and computer games retailer is appointing the accountancy firm Deloitte as administrator, putting dozens of jobs in local branches in Fulham Broadway and Westfield in Shepherd's Bush under threat.
However, Deloitte says it will keep HMV's stores in the UK and the Republic of Ireland open while it assesses the prospects for the business and seeks potential buyers.
HMV stands for His Master's Voice and the retailer is synomymous with Nipper, the Jack Russell dog that listens to a gramophone in its most famous logo.
The composer Sir Edward Elgar opened the inaugural HMV store opened on London's Oxford Street in 1921. Today the chain employs 4,350 staff at 236 stores, but it has been struggling as customers have shifted to downloading music and films or buying products online.
A statement released by HMV says: "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."
The statement also said that trading in HMV shares on the London Stock Exchange has been suspended, and will not be accepting gift vouchers or issuing any more.
The collapse of HMV follows the closing of 187 Jessops' branches, including branches in Hammersmith and Shepherd's Bush after that chain fell into administration last week. You can read the full details here.
January 15, 2013