HMV suspends share trading, prepares to salvage viable business parts
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A man passes a branch of British retail music chain HMV on Oxford Street in London on Jan 14, 2013. Music and DVD retailer HMV may announce as soon as Monday that it will call in the administrators, according to a source close to the company and media reports, bringing the curtain down on one of Britain's best-known high street stores. -- PHOTO: REUTERS
LONDON (AP) - British music and entertainment retailer HMV has suspended trading in its shares as the company prepares to call in administrators to try to salvage any viable parts of the business.
HMV management confirmed on Tuesday that it had failed to gain agreements with lenders and suppliers to continue trading. The company says it has appointed three partners of Deloitte LLP to administer the business.
HMV, the last big chain of shops selling recorded music in Britain, employs more than 4,000 people and has more than 200 stores.
