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HMV ‘to enter administration tomorrow’ [update: company confirm administration]

Reports are claiming that HMV will enter administration tomorrow.

The high-street giant are expected to appoint administrators Deloitte and attempt to save the company. The company’s board of directors are said to have met tonight to discuss their options, hoping that another party, or one of the firm’s lenders, will come to rescue and save the ailing company.

HMV, which has  235 stores and more than 4,000 employees, suffered a poor Christmas, with sales dropping due to online competitors, and financial issues with them owing £176 million to banks.

 

*UPDATE*

 

HMV have now confirmed the news in a statement.

 

“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. The directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade while they seek a purchaser for the business.”

 

Source: Digital Spy

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