Another Town Centre Shop Threatened As HMV Enters Administration
News broke last night that HMV are to appoint Deloitte as administrators today.
Wrexham has a HMV store in Island Green.
This follows the closure of Jessops, Staples and Comet recently – with the likes of Game also going earlier in 2012.
Update: HMV have issued the following statement:
On 13 December 2012, the Company announced that as a result of current market trading conditions, the Company faced material uncertainties and that it was probable that the Group would not comply with its banking covenants at the end of January 2013. The Company also stated that it was in discussions with its banks.
Since that date, the Company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach. However, 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 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.
It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the Company and certain of its subsidiaries.
The Company’s ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect.
If any Wrexham.com readers have vouchers for HMV it could be worth using them on the website, or shop, first thing in the morning. Jessops customers had issues with Administrators refusing to accept them after entering administration.
We have had several readers get in touch to point us to this email sourced apparently from HMV Head Office (via Westfield store) that has been placed online stating that no gift vouchers are to be issued or redeemed:
Martin ‘MoneySavingExpert’ Lewis has said tonight “I wouldn’t risk HMV online purchases (or using vouchers there) for now. Firm in admin can simply say “we won’t fulfil orders” & not refund”.
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