Music retailer HMV has collapsed into administration.
Deloitte has been appointed administrator to the UK business, which has 223 stores in high streets and shopping centres.
Certain HMV Group subsidiaries, including HMV Guernsey, HMV Hong Kong, HMV Ireland, HMV Singapore and 7Digital Group, remain outside of the insolvency process.
HMV confirmed yesterday that the company’s shares had stopped trading on the London Stock Exchange.
The collapse follows that of Jessops last week and electronics retailer Comet in December.
Nick Edwards, joint administrator and restructuring services partner at Deloitte, said: “HMV is an iconic retailer and continues to be a very popular brand, but as we have seen with many high street retailers, the market is changing rapidly and conditions are currently very tough.”
“Following our appointment, we are working closely with management and staff to stabilise the business in order to continue trading whilst actively seeking a purchaser for the business and assets. We appreciate the cooperation and support from the staff, customers, suppliers and landlords at what is clearly a difficult time.”
annabel.dixon@estatesgazette.com
