HMV latest High Street casualty as chain beings in administrators
High Street DVD and CD chain HMV is to call in administrators today as it becomes the latest casualty of the changing economy.
The group, which has a large branch at Drake Circus in Plymouth, has been battered by competition from online film and music sales as well as supermarkets.
Administrators Deloitte are expected to continue trading the stores - but the move puts 240 shops and 4,500 staff at risk.
HMV has been trading since 1921 and is the only surviving national music store.
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HMV last night met with suppliers, who refused a request for a £300m lifeline for the struggling entertainment retailer.
Deloitte, which has been advising HMV’s lending banks, was lined up as administrator to the chain.
Just days ago Jessops closed all of its shops - including in Plymouth - following the closure in December of all Comet branches.