300 Irish jobs at risk as retailer HMV to enter administration
Published 14/01/2013 | 20:52
MUSIC and DVD retailer HMV has confirmed tonight it has been forced to call in an administrator, putting 300 Irish jobs in its 16 stores here at risk.
However the company has also confirmed that stores will continue to trade as a buyer is sought.
The future of HMV has been the subject of intense speculation since it issued a “going concern” warning before Christmas and said it would almost certainly breach banking covenant tests at the end of this month.
This followed a 10.2 per cent slump in sales and its net debt rising to €212m over the six months to 27 October.
The firm has a total of 239 stores in the UK and Ireland and employs around 4,350 staff, including around 300 in its 16 Irish stores.
HMV made a loss of €2.5m in Ireland despite sales of €75m in 2011.
The first HMV shop opened in 1921, taking its name and logo from the famous painting His Master's Voice, by Francis Barraud, showing a dog named Nipper sat, ear cocked, listening to a phonograph.
Independent News Service