The HMV retail chain in the UK has officially placed into administration as of opening trade today in London.
HMV Pitt St Sydney
250 stores with 4500 employees across the UK and Ireland are now on the brink of being closed if the administrator cannot sell off the company.
Overnight the company announced, “The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect.”
The company will continue to trade for the time being while looking for a buyer.
As of immediately, all gift vouchers will not be honored and the chain will not be issuing any more vouchers.
