HMV is the latest victim of high street slump

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

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."

Share This

Popular »

1 Action on ambulance attacks

2 Man wanted in connection with Shirley attempted abduction

3 Solihull starlet on X factor

4 Parking shake-up to wait on new store

5 Moving tributes paid to schoolboy killed by car

More news »

Parents meet as council objects to Tudor Grange proposals

SOLIHULL Council has criticised Tudor Grange Academy’s proposed

Birmingham City footballer robbed of £30,000 watch

BIRMINGHAM City footballer Peter Lovenkrands' diamond-encrusted watch was

Police issue CCTV image after assault on train

POLICE are looking for this man after an

Police shame time wasting 999 callers

A PROBLEM getting served at McDonalds and forgetting

Regional news »


Coventry Observer
Godiva Festival faces council cuts axe

COVENTRY’S much-celebrated annual Godiva Festival could be held every two ...

Redditch Standard
NHS workers punched, kicked and scratched

HOSPITAL staff have been punched, kicked and scratched during 120 ...

Leamington Observer
Arnold Lodge receives old boy's Victoria Cross

THE BRAVERY of a First World War hero will be ...

Stratford Observer
Gold curtain up at Holy Trinity Church in Stratford on ...

THE CLOSE connection between internationally renowned textile designer Tibor Reich ...