December 9 2013 Latest news:
By BEN WOODS, Business writer
Monday, January 14, 2013
More than 4,000 jobs have been put at risk after it was revealed that entertainment retailer HMV was on the brink of appointing administrators.
The high-street music and film specialist, which has shops in King’s Lynn and two stores in Norwich, is believed to have been harbouring £220m of bank debt and will be calling in administrators Deloitte.
Uncertainty now surrounds the 4,350 jobs at the company and its 238 stores across the country, including nine Fopp music stores.
The 92-year-old retailer had seen its profits hit by a change in the market with consumers opting to buy music and films digitally over the internet from retailers such as Amazon and iTunes rather than shopping on the high street.
The firm had pinned its hopes on generating a boost in revenue by holding a massive sale over the Christmas period.
The announcement comes just days after camera shop Jessops fell into administration leaving question marks over 2,000 jobs within the company.