HMV is the latest victim of high street slump

Tuesday 15 January 2013 Updated: 21/01 12:13

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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."

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