Music and DVD retailer HMV is set to become the latest high street casualty as a source close the company said it would announce the appointment of an administrator shortly.
It follows camera retailer Jessops, which closed on Friday with the loss of more than 1,300 jobs.The future of HMV has been the subject of intense speculation since it issued a “going concern” warning before Christmas and said it would almost certainly breach banking covenant tests at the end of this month. This followed a 10.2 per cent slump in sales and its net debt rising to £176.1m over the six months to 27 October.The firm has a total of 239 stores in the UK and Ireland and employs around 4,350 staff.The first HMV shop opened in 1921, taking its name and logo from the famous painting His Master's Voice, by Francis Barraud, showing a dog named Nipper sat, ear cocked, listening to a phonograph.
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