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14 JANUARY 2013

High Street music retailer HMV to appoint administrator

"Music and DVD chain HMV, which employs about 4,350 staff, has confirmed it will appoint an administrator, making it the latest High Street casualty. Deloitte will run the 239–store chain while it assesses prospects for the business and seeks potential buyers. Trading in HMV shares on the London Stock Exchange are being suspended, the company said in a statement. ... [Neil Saunders, the managing director of retail analyst firm Conlumin] said that although the HMV brand 'certainly has some value' for potential buyers, the current business model was dead. "The bottom line is that there is no real future for physical retail in the music sector," he said."

(BBC News, 14 January 2013)



19212013bricks and mortarbusiness into administrationbusiness modelclosurecompany liquidationcompetition • consumer downturn • debtDeloittedigital downloadsDVDeconomic recessionhigh streethigh street retailerhigh street shops • His Masters Voice • HMVincreasing competitioninsolvencyinternet retailersjob losses • London Stock Exchange • music chain • music downloading • music retailer • music sector • online retailer • online retailing • Oxford Streetphysical presencephysical retailphysical storeretailershopstore closuresstructural shifts in the sectorsupermarketssuspended tradingtradingUKunsustainableWaterstones


Simon Perkins

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