Music retailer HMV has gone into administration putting 2,00 jobs at risk and the possible closure of stores including the branches in Romford.
The company confirmed this afternoon it has appointed corporate undertakers at KPMG as administrators amid a cash crisis making it the first high street casualty after Christmas.
This is the second time HMV has collapsed after it filed for administration in 2013, after which it was bought by its current owner Hilco.
Paul McGowan, executive chairman of HMV and Hilco, said: “During the key Christmas trading period the market for DVD fell by over 30per cent compared to the previous year and, whilst HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable.
“HMV has clearly not been insulated from the general malaise of the UK high street and has suffered the same challenges with business rates and other government-centric policies which have led to increased fixed costs in the business.”
The news delivers another cruel blow to the high street in 2018 following the collapse of Poundworld, Toys’R’Us and Maplin.
Anyone with HMV vouchers are being urged to use them ASAP although it is not know if they will be accepted.
Have you got HMV vouchers?
Please let us know if you have any success in using them in the Romford store.
Email liam.coleman@archant.co.uk or call 020 8477 3826.
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