HMV is the latest victim of high street slump

Tuesday 15 January 2013 Updated: 16/01 10:05

Latest News

HMV is set to appoint administrators after poor Christmas sales.

The music giant - which has a store in Mell Square - has failed to secure extra funding from investors and is no longer accepting gift vouchers.

Last week Jessops closed all of its stores around the UK and before Christmas Comet and JJB were high profile victims of the high street slump.

HMV has 235 stores and employs around 4,350 people.

Deloitte were expected to be appointed administrators later on Tuesday.

In a statement on Tuesday morning by its board read: "On December 13 the company announced that as a result of current market trading conditions, the company faced material uncertainties and that it was probable that the group would not comply with its banking covenants at the end of January 2013.

"The company also stated that it was in discussions with its banks.

"Since that date, the company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach.

"However, 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 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."

Popular »

1 Kite Runner at The Rep Birmingham

2 Wicked flies into Birmingham Hippodrome

3 New plan for dementia care in Solihull

4 Poppy appeal launched

5 College Strike Called off

More news »

Snow falls across Solihull

THE BOROUGH was transformed into a winter wonderland

Jaguar Land Rover creating hundreds of jobs

HUNDREDS of jobs are to be created at

Top tips from Halfords for driving in winter conditions

As the rain gives way to ice and

Jessops closes all stores

ALL of Jessops 187 stores have closed after

Regional news »


Coventry Observer
Bumble bee is no match for conker champ John

IT WAS a cracking weekend for John Doyle in more ...

Redditch Standard
Overload Generation to perform in Redditch

X FACTOR finalists Overload Generation are set to bring in ...

Leamington Observer
Leamington dad is World Conker Champion

IT WAS a cracking weekend for John Doyle in more ...

Stratford Observer
Townspeople needed to fund Bard's Birthday Celebrations

TOWNSPEOPLE are being urged to play their part in the ...