HMV set to call in administrators

Tuesday 15 January 2013 11.26
Music retailer HMV is reportedly set to go into administration
Music retailer HMV is reportedly set to go into administration

Music retailer HMV is reportedly set to go into administration tomorrow morning.

Deloitte is expected to be appointed as administrator.

HMV operates 16 stores across the Republic of Ireland and according to reports last February employed over 290 people.

In a statement, the company said it "faced material uncertainties and that it was probable that the group would not comply with its banking covenants at the end of January 2013".

It continued: "It has been unable to reach a position where it feels able to continue to trade outside of insolvency protection.

"It therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect."

Last month, recently-appointed CEO Trevor Moore warned the entertainment group was in talks with banks over its future after worse-than-expected trading in the run-up to Christmas.

Keywords: hmv, deloitte
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