The biggest high street music retailer in the UK is said to have filed a notice of intention to appoint administrators, Sky News reported. HMV Retail is said to have attempted to seek financial support from leading names in the record music industry before sending off the paperwork last week. The DVD and CD giant was rescued from administrators almost six years ago after being purchased by Hilco for a deal worth £50million. KPMG is understood to be waiting to undertake the process. Hilco has been contacted for comment by Express.co.uk.
KPMG declined to comment.
Founded in 1921, HMV first fell into administration in January 2013 after struggling against growing online sales and pressure in the UK high street.
The chain is also thought to have suffered from the boom of online streaming services.
It currently trades from 130 stores.
British retailers have had a difficult year as high street footfall declines and consumer confidence wanes.
This month saw Laura Ashley announce it will shut around 40 stores, while Sports Direct report a 27 percent fall in half-year profits.
New Look, Toys ‘R’ Us, Maplin and Marks and Spencer have also announced major closures in towns across the country this year.
Several others – including Superdry, Carpetright and Card Factory – have all issued profit warnings.
UK 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.
Published at Fri, 28 Dec 2018 08:36:00 +0000