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Monday, 14 January 2013

HMV has confirmed that it is to go into administration

Well, it has been on the cards for almost a year.  HMV has finally admitted that they cannot continue in the face of the competition from the Internet.  As such, they have  issued a statement saying that they will seek to appoint administrators on Tuesday with a view to sell the business.

They said;

"The Directors of the Company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business."

"It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the Company and certain of its subsidiaries.

The shares were suspended today.  The news follows the company's announcement that it was launching a month long sale of its stock.  This was enough to start rumours that the business was heading for administration.

Almost 4000 jobs are under threat and the news follows recent casualties such as Comet and Jessops.  Again the common factor in most of the administrations of late is the Internet.  Sales have soared online and it seems no retailer can be complacent about the way shopping in the UK has changed

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