Ailing HMV appoints adminstrators (From Ledbury Reporter)

Ailing HMV appoints adminstrators

9:17am Wednesday 16th January 2013 in News By Neil Watts

AILING music chain HMV has appointed Deloitte as its administrators.

Nick Edwards, Rob Harding and Neville Kahn of Deloitte, the business advisory firm, have today been appointed joint administrators to HMV’s UK retail business.

HMV, which has its headquarters in London, operates 223 stores in high streets and shopping centres across the UK, and has 4,123 employees.

Nick Edwards, joint administrator and restructuring services partner at Deloitte, said: “HMV is an iconic retailer and continues to be a very popular brand, but as we have seen with many high street retailers, the market is changing rapidly and conditions are currently very tough.

“Following our appointment, we are working closely with management and staff to stabilise the business in order to continue trading whilst actively seeking a purchaser for the business and assets. We appreciate the cooperation and support from the staff, customers, suppliers and landlords at what is clearly a difficult time.”

Certain HMV Group plc subsidiaries including HMV Guernsey Ltd, HMV Hong Kong Ltd, HMV Ireland Ltd, HMV Singapore Ltd and 7Digital Group remain outside of an insolvency process.

The Worcester store has been at its present location since 1996, after moving from a different part of the High Street.

The new store was opened by Page 3 girl and pop star Samantha Fox.