HMV jobs at risk in Portsmouth and Chichester

HMV is going into administration. J
HMV is going into administration. J

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JOBS are at risk in Portsmouth and Chichester as music and DVD retailer HMV becomes the latest recession casualty on the high street.

The entertainment chain has appointed administrators Deloitte to try and sell the business.

Customers have been told they cannot use gift vouchers in any of the stores, including in Portsmouth’s Commercial Road, in Gunwharf Quays and in Chichester’s East Street.

Nationally more than 4,000 jobs are at risk, though HMV’s 238 outlets will remain open while Deloitte attempts to find a buyer for some or all of the business.

However, it is likely that there will be widespread store closures as a result of the collapse.

Squeezed by internet retailers and supermarkets, whose scale has enabled them to offer CDs and DVDs at cheaper prices, HMV’s boss Trevor Moore warned before Christmas that the entertainment group was in trouble.

HMV’s suppliers refused to allow it credit in order for it to pay off its bank debts, forcing it finally to call in Deloitte.

In a statement, HMV 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 and certain of its subsidiaries with immediate effect.’