One of Britain’s most famous music stores, HMV, is to go into administration. Over the past 10 years the High Street music and DVD store has struggled competing against e-tailers (online retailers), specifically Play.com and Amazon.
Deloitte have said they will keep HMV stores in UK and Ireland open until they see what offers or options they will get for the store. Trading in the Stock Exchange has also been suspended.
HMV was founded in 1921 and employs 4,350 people.
HMV is an iconic UK music store, famous for its dog listening to a grammar phone logo. HMV is thought to stand for “His Master’s Voice”.
The only surprise for me is that HMV have struggled on so long against giant Amazon and the likes of Play.com who through various benefits of being based in the Channel Islands can offer freed delivery and usually cheaper prices for products.
A long held criticism of HMV by shoppers was that it was always more expensive than other rivals such as Virgin and Tower.
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