HMV close to administration, 2,200 jobs at risk

HMV close to administration, 2,200 jobs at risk

HMV close to administration, 2,200 jobs at risk

It has been confirmed this morning that HMV, which has stores in Maidstone, Broadstairs, Bluewater, Tunbridge Wells and Canterbury, has gone into administration for the second time in six years.

MUSIC retailer HMV is at risk of becoming the first high street casualty after Christmas as it teeters on the brink of administration.

They added that the 125 stores across the United Kingdom will continue to trade while negotiations are happening and that "buyers are also being sought for the business as a going concern".

He pointed out HMV sold 31 percent of all physical music in the United Kingdom in 2018 and 23 percent of all DVDs and Blu-rays, with its market share growing month by month throughout the year. So if you got any HMV vouchers for Christmas, you'd be wise to spend them soon.

Since its last collapse, HMV had hosted a series of live events in store with musicians like pop star Kylie Minogue and grime artist Stormzy in a bid to increase footfall.

McGowan said: "The last few years have seen a unique partnership forged between the HMV retail business and its major suppliers in the music and movie industries across the UK, USA and Canada".

Speaking before the appointment of administrators, Alex Neill from Which?, said: "It's a worrying time for everyone when a company goes into administration but for customers, it's important to remember that your consumer rights may be affected".

Executive chairman Paul McGowan said consumers had switched "at an ever increasing pace" to digital downloads instead.

However, the number of British shoppers hitting the post-Christmas sales dipped this year, offering no relief for struggling stores that had already discounted heavily to encourage spending in the run-up to the holiday.

Britain's shops have also faced uncertainty over Brexit, which sparked a fall in the pound and therefore raised the price of imported goods, as well as rising labour costs, higher business property taxes and unseasonably warm weather.

HMV - short for "his master's voice" - dates back to 1921 when its first store on London's Oxford Street was officially opened by the composer Sir Edward Elgar.

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