HMV survival in doubt as financial support talks fail
HMV is on the brink of collapsing into administration for the second time in six years, Sky News reports.
HMV Retail filed a notice of intention to appoint administrators last week amid last ditch discussions with suppliers. “Sources said that the chain, which trades from 130 shops and employs about 2,200 people, had been in talks in recent days with leading names in the recorded music industry to seek financial support from them,” Sky News reports.
“However, those discussions are not thought to have produced sufficient assurances to underpin HMV's finances, casting doubt on the survival of a retail name due to mark its centenary in 2021. An announcement about KPMG's appointment as administrator is expected later on Friday, according to insiders.”
HMV, Britain's biggest High Street music retailer, fell into administration in January 2013. Hilco purchased the group's debt and acquired the business in a £50 million deal.