Thursday 19 September 2019

Retail woes: HMV calls in administrators for second time

HMV shop in central London
HMV shop in central London

Samantha Machado

MUSIC retailer HMV has called in administrators to become the latest victim of brutal trading conditions in Britain's retail sector.

It blamed a worsening market for sales of CDs and DVDs. HMV in Ireland closed its online operation this year. It had earlier shut all its shops here.

UK accounting firm KPMG has been named as the administrator and intends to keep the business running while it seeks a potential buyer, HMV said.

The retailer went into administration in 2013 before being rescued by restructuring specialist Hilco. But it has since been hit by competition from online rivals and music-streaming services.

Reuters

Irish Independent

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