HMV goes into administration

High street music, DVD and computer games retailer HMV is reportedly set to go into administration today. The chain’s suppliers, including record labels, computer games makers and film companies, recently refused to give the business a £300 million loan to keep them afloat.

The loan would have gone to paying off the company’s debt as well as to helping change the way the business is run. HMV has already sold its live music assets, including the Great Escape and Global Gathering festivals and HMV‘s 50% interest in its Mean Fiddler joint venture with MAMA. 

HMV sold another of its live music ventures, the Hammersmith Apollo, in a £32 million deal in 2012.

This puts more than 4,000 jobs at risk and comes in the same year as Jessops and Comet going into administration.