From Wall Street Journal:
The U.K.’s last remaining main-street music retail chain, entered administration on Tuesday, highlighting the consumer shift toward online shopping and digital downloads.
HMV—which sells DVDs, CDs and other merchandise at its 243 stores—said that, after discussions with its creditors, it was unable to trade outside of insolvency protection and planned to appoint administrators from Deloitte LLP to oversee the sale or closure of the business. The decision could bring an end to 92 years of trading in the U.K. and puts more than 4,000 jobs at risk.
A number of private bidders are expected to make approaches for HMV, buyout firm Endless said. Endless said it had already spoken to Deloitte about buying the business out of administration, adding that there was still demand for physical products.
