Music store axe threat

HMV store on Princes street Edinburgh, as the ailing music chain has lost its battle for survival in a devastating blow for the British high street

HMV store on Princes street Edinburgh, as the ailing music chain has lost its battle for survival in a devastating blow for the British high street

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HIGH street music store HMV has announced that it has been forced to call in administrators.

The iconic chain, which has a shop in St Helens’ Church Square shopping centre, released a statement yesterday saying it was ceasing trading in ordinary shares and had appointed accountancy giant Deloitte as administrators.

In a statement the firm, which employs more than 4,000 people, said: “The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the company.

“The directors understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.”