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HMV in administration

HMV in administration
HMV has confirmed it will appoint an administrator, amid fears the music and film retailer could become the latest high street chain to collapse.

Deloitte will run the firm, which employs around 4,300 staff, until a buyer can be found.

Shadow Business Secretary Chuka Umunna blamed the collapse on "flat-lining growth" and the online retail sector.

"Now in some senses this has happened because of the failing of the economy, we’ve seen flat-lining growth not helped by the Government’s economic policies," he said.

"But also it would be remiss of me to say that was the only reason, in some sense we are the victims of our own success. Our retail sector is one of the most innovative in the world, we’ve got the third largest online internet shopping market in the world.

What that has had the result of if you don’t keep pace; if you don’t change to the new marketplace then undoubtedly you do fall into difficulties."

Green Box: HMV in administrationClick to open

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