HMV confirms administration
January 15 , 2013
British music and DVD retailer HMV confirmed on Monday evening that it was going into administration.
"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," the company said in a statement.
Deloitte is to be appointed as administrators and the business will continue to trade while a purchaser was sought, the statement added.
The retailer opened its first store in London's Oxford Street in 1921 and grew to a 239-store chain.
However, in recent years it has faced stiff competition from online retailers, digital downloads and supermarkets.
In a bid to stave off mounting debts, HMV sold off parts of its business, including its live entertainment arm and the Waterstones book chain.
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