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4,000 jobs at risk as HMV readies to appoint administrators

22:25 14 January 2013

HMV, Norwich

Photo: Supplied
Copy: 
For: EN
EDP pics © 2006
(01603) 772434

HMV, Norwich Photo: Supplied Copy: For: EN EDP pics © 2006 (01603) 772434

EDP pics © 2006

More than 4,000 jobs have been put at risk after it was revealed that entertainment retailer HMV was on the brink of appointing administrators.

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The high-street music and film specialist, which has shops in King’s Lynn and two stores in Norwich, is believed to have been harbouring £220m of bank debt and will be calling in administrators Deloitte.

Uncertainty now surrounds the 4,350 jobs at the company and its 238 stores across the country, including nine Fopp music stores.

The 92-year-old retailer had seen its profits hit by a change in the market with consumers opting to buy music and films digitally over the internet from retailers such as Amazon and iTunes rather than shopping on the high street.

The firm had pinned its hopes on generating a boost in revenue by holding a massive sale over the Christmas period.

The announcement comes just days after camera shop Jessops fell into administration leaving question marks over 2,000 jobs within the company.

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3 comments

  • It doesn't surprise me as so much music can now be downloaded from the internet. I am a DJ of 40 years+ and I used to buy ocasionally from HMV in Norwich but cheaper via other websites now. Sorry to see HMV closing but like the 70's That's the way it is - KC and the Sunshine Band. WOW takes me back to the club in Gibraltar when I first played it.

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    Christopher Neave

    Tuesday, January 15, 2013

  • Well who is iheading HMV right now, only the former boss of Jessops. I'll let you make your own thoughts there.

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    chebram71

    Monday, January 14, 2013

  • It is a shame, but one that I think we could all see happening quite some time ago. Online retail is the future and even in time, that will be replaced with another alternative. It does feel sad, especially if you want to nip out and urgently purchase a cd or a dvd. I wonder which shops will move in? Regards, Whiley.

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    Whiley Boy

    Tuesday, January 15, 2013

The views expressed in the above comments do not necessarily reflect the views of this site

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