Thousands of jobs at risk as HMV nears collapse

HMV Store. Jon RigbyHMV Store. Jon Rigby
HMV Store. Jon Rigby
THOUSANDS of jobs are at risk as music retailer HMV teeters on the brink of administration.

More than 2,200 employees and 130 stores, including shops in Portsmouth's Gunwharf Quays shopping hub and in Chichester, now have an uncertain future as the company has filed a notice of intention to appoint administrators amid a cash crisis at the firm.

It is unconfirmed if the company has gone into administration this morning but if HMV was to go bust, it would be the second time it has collapsed in recent years, having filed for administration in 2013, after which it was acquired by its current owner, Hilco.

Hide Ad
Hide Ad

The failure of another major high street name before the year is up would cap a miserable 12 months for the retail sector with the likes of Poundworld, Toys'R'Us and Maplin all going bust this year, while heavyweights Marks & Spencer and Debenhams have announced plans to shut hundreds of stores.

Several others '“ including Superdry, Carpetright and Card Factory '“ have all issued profit warnings.

KPMG and Hilco, which also owns Homebase, declined to comment.

HMV's potential collapse was first reported by Sky News.