DELOITTE ADMINISTRATORS have been officially appointed to music retailer HMV.
Nick Edwards, Rob Harding, Neville Kahn, Deloitte partners, have been appointed joint administrators to HMV Group plc, HMV Music Ltd, HMV Ltd and Fopp Entertainments Ltd.
HMV, which is headquartered in London, operates out of 223 stores and has about 4,123 employees.
Edwards 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.”
The Financial Times reports that HMV has debts of nearly £300m, and retail restructuring group Hilco, which already owns HMV Canada, could be interested in rescuing the business.
Some HMV subsididaries, including HMV Guernsey, HMV Hong Kong, HMV Ireland, HMV Singapore and 7Digital, are outside the insolvency process.
The fast-track move is a bold departure from the norm, as a probe would normally only begin several months after administrators had finished their own enquiries
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