The Straits Times
www.straitstimes.com
Published on Jan 16, 2013
 

British music retailer HMV fights for survival

 
 

LONDON (AFP) - Iconic British music retailer HMV was fighting for survival on Tuesday after slumping into administration, but its boss expressed hope the high-street giant would manage to secure its future.

HMV had announced on Monday that it had appointed administrators Deloitte in an attempt to help it remain operational, placing about 4,350 jobs at risk after the company had struggled throughout the critical Christmas holiday period.

The group's 239 outlets, including nine Fopp-branded branches, will remain open while Deloitte attempts to find a buyer for some or all of the business, although store closures are likely. Gift vouchers are no longer being accepted.

Britain's economy is struggling in general meanwhile, with a triple-dip recession possibly on the horizon, contributing to the recent collapse of photography chain Jessops and electrical goods group Comet.