HMV is the latest victim of the high street slump

Tuesday 15 January 2013 Updated: 16/01 16:11

Latest News

HMV is set to appoint administrators after poor Christmas sales.

The music giant - which has a store in Hertford Place - 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."

The Retail Trust said it had seen a significant increase in calls following news of Jessops’ demise, and even larger surges in demand for its services were expected in the coming days.

The helpline - 0808 801 0808 - provides free, confidential and independent advice and support for all staff and provides access to the Retail Trust's ReWork programme, which provides a range of free services to help retail staff find their next job, including workshops and career coaching.

Popular »

1 Barclays announce bank holiday opening

2 More shots from M6 crash scene

3 1 court tricked+pic*

4 Force signs up its first woman chief super

5 Hundreds due at War Memorial Park drugs rally

More news »

DVD rental firm Blockbuster falls into administration

BLOCKBUSTER has today (Wednesday) gone into administration, putting

Breaking News: Sky Blues tight-lipped over council Ricoh deal

COVENTRY City Football Club has remained tight lipped

Herbert's Hidden Histories: the radio used by city war hero

This is the first of a new regular

Coventry to suffer 'heaviest snowfall in 22 years'

COVENTRY is braced for its biggest snowfall in

Regional news »


Rugby Observer
Report highlights mental health care concerns

MENTAL health services are inconsistent, the Care Quality Commission has ...

Solihull Observer
Brave Connie inspires Hospital appeal

THE PARENTS of a four-year-old leukaemia patient are calling on ...

Leamington Observer
Alps assent all for good cause

A CYCLIST from Warwick is biking nearly 700 miles across ...

Redditch Standard
Sounds of the town

AN ALBUM showcasing the best of Redditch’s musical talent, including ...