HMV in administration, leaving future of Hull Whitefriargate store in doubt
The future of HMV's Hull city centre store in Whitefriargate is in doubt after the famous music firm called in administrators.
Accountancy giant Deloitte was last night appointed to take control of the company.
Its stores were open as normal this morning.
HMV, which employs more than 4,000 people, said in a statement: "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.
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"The directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business."
HMV said like-for-like sales fell 10.2 per cent in the 26 weeks to October 27, last year, as its pre-tax loss narrowed to £36.1 million, compared to £50.1 million the previous year.
Shares tumbled 39 per cent after the dismal results were published, giving the retailer a market value of just £10.1 million.
Customers who received gift cards or vouchers for Christmas may be hit by the move after reports HMV bosses told store staff not to accept them until administrators decided how to move forward.