NEWS
28/12/2018 09:39 GMT | Updated 28/12/2018 13:36 GMT

HMV Administration: Thousands Of Jobs At Risk As Retailer Collapses For Second Time In Six Years

The group has 130 stores and employs 2,200 staff.

Music retailer HMV has entered administration for the second year time in six years, according to reports. 

The group, which trades from 130 stores and employs 2,200 staff, has filed a notice of intention to appoint administrators amid a cash crisis at the firm.

It’s called in company KMPG as administrators, the BBC states. 

HMV first filed for administration in 2013 and on that occasion, it was acquired for £50m by its current owner, Hilco.

High business rates, weak consumer confidence and the rise of online streaming services will have taken their toll on the retailer amid a challenging year for the sector.

Poundworld, Toys’R’Us and Maplin have all gone bust this year, while heavyweights Marks & Spencer and Debenhams have announced plans to shutter hundreds of stores.

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

High street retailers have been slashing prices after brutal trading in November and early December failed to lure shoppers to stores.

Traditional retailers have been battling the rise of online shopping, higher costs and low consumer confidence as shoppers rein in spending amid Brexit uncertainty.

Hilco has been approached for comment.