Hi: 6° Lo:4°
By Harriet Ernstsons Tuesday 15 January 2013 Updated: 15/01 16:27
A NATIONAL music retailer with a Worcester branch has called in administrators in a bid to save the business.
HMV Group bosses have announced plans to appoint Deloitte LLP, putting at risk 239 stores including one on the city's High Street.
About 15 people are thought to work at the store.
It comes less than a week after the collapse of photography company Jessops, which closed its doors on Friday (January 11) two days after handing control of the business to PwC.
A statement from HMV said the company had been in discussion with its banks and other key stakeholders after facing 'material uncertainties'.
"However, 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 directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.
"It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the company and certain of its subsidiaries.
"The company's ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect."
Worcestershire's famous composer Sir Edward Elgar opened the first ever HMV store on London's Oxford Street in July 1921.
Affected staff at HMV can seek free, confidential support and advice from the Ratail Trust, a charity which supports people working in the retail sector.
The Trust saw a significant increase in calls following news of Jessops’ demise last week.
The Helpline can be contacted on 0808 801 0808, email firstname.lastname@example.org or text HELPLINE to 88010.
TRIBUTES have been paid to an Olympic torchbearer
A MAN has been charged with sexual assault
CRISIS-HIT DVD rental chain Blockbuster which has two
SEVERE weather alerts have been issued for Worcestershire,
THE CLOSE connection between internationally renowned textile designer Tibor Reich ...
HUNDREDS of people descended on Bromsgrove town centre at the ...
HOSPITAL staff have been punched, kicked and scratched during 120 ...