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HMV to appoint administrators
9:23am Tuesday 15th January 2013 in News
STRUGGLING music retailer HMV is expecting to appoint administrators today.
Stores are expected to continue trading while the administrators seek a buyer for the business, directors said.
The company warned shareholders in December that as a result of current market trading conditions, it faced material uncertainties and probably would not be able to keep up bank payments in January.
The company announced today that it has been able to reach a position where it feels able to continue to trade outside of insolvency protection.
It has suspended its shares on the stock exchange and said it intends to appoint administrators Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP to the company.