HMV to go into administration

0
Have your say

Entertainment store HMV is expected to go into admninistration today, the victim of changing shopping trends.

A company statement said it intends to appoint Deloitte LLP, as administrators and it is the company’s understanding that once appointed, it will continue to trade while administrators seek a purchaser for the business.

The jobs of more than 4,000 staff nationally are under threat.

HMV operates a store in the arc shopping centre in Bury St Edmunds.

Centre manager Colin Roberts said: “It is really very sad. HMV is such an iconic brand on the High Street.

“But unfortunately it is the victim of changing shopping trends with more people downloading music.

“HMV is the last proper music multiple retailer left in the country.

“We are hopeful as always that the administrators will be able to sell it as a going concern.

“We know that the store in Bury has performed very well. Over the Christmas period it had queues 20 deep. It is a very popular shop.

“That said when Jessops had got off to an incredibly good start on the arc but that wasn’t enough when the whole company went under.

“I just feel disappointed for all the staff both here in Bury and nationally.

“Retail is one of the biggest sectors in this country but times are changing and we need to become proactive so if the worst does happen we can try to find another retailer.”