HMV: the day the music died after 92 years on high street
Deloitte appointed as administrators as HMV gives up the fight with 4,350 staff jobs at risk
BRITAIN'S beleaguered high street is this morning digesting the nesws of another casualty as administrators are called in by HMV, the 92-year-old chain of music and video stores.
The company - famously represented by 'Nipper' the dog staring into an early gramophone player hearing 'His Master's Voice' - has been struggling for years. The rise of digital downloading and online firms such as Amazon, as well as competition from supermarkets like Tesco, have destroyed its business model.
The Daily Telegraph says that accountants Deloitte are being appointed to handle the administration process.
The new comes just days after camera seller Jessops fell into administration, while the past 12 months have seen JJB Sports and Comet close.
HMV has 238 stores across the UK and 4,350 jobs are at risk. The company has been burdened by £220 million of debt despite the sale of bookseller Waterstones for £53 million and the Hammersmith Apollo music venue for £32 million.
HMV's first shop was opened by composer Sir Edward Elgar in 1921. It was brought to the stock market in May 2002 and initially valued at £1 billion. Yesterday it was worth just £4.7 million.
The chain had been expected to announce Christmas trading figures this week but despite "amazingly supportive" suppliers, management said it had no choice but to pull the plug. The stores will remain open while Deloitte tries to find a buyer.