HMV entering administration
HMV have announced that tomorrow morning, they could well be entering administration putting 4,400 jobs at risk. The retailer – one of the largest specialists for video games, music, dvds and more recently, portable technology has been struggling for quite sometime and has recently raised £40 million to pay debts. It comes after a turbulent time in the videogame market with GAME having to be rescued last year and THQ about to be sold off piece by piece.
The decision comes after HMV was declined a £300 million package to refinance. The board of the 230 strong chain is currently holding last minute talks to figure out if there is anything else that could potentially be done, however administration seems like the only viable option at this time.
If nothing can be arranged overnight it appears that administrators Deloitte will be called in to either find a buyer or wind the company down, selling off its assets.
More as it breaks.