HMV calls in administrators
British High Street music chain HMV has gone into administration, putting 4,500 jobs at risk.
HMV released a statement on the matter yesterday; "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 and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect."
The chain currently holds 35% of CD market in the UK, meaning industry analysts are positive about a buyer coming in and taking on the company. More news to follow as we get it.
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