Saturday 3 December 2016

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.

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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

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