The rumours that had been circulating last week were confirmed last night as it was announced that music store, HMV, which was worth £10bn ten years ago, went into administration. A whopping 4,000+ jobs are at risk across the UK, including at the Newport, Isle of Wight branch.
Accountants, Deloitte, will continue to run the shops for the time being, presumably to allow time to secure a buyer for the company. However, it has been reported that they will no longer accept vouchers or gift cards. A post-Christmas blow for many.
About the decision to go into administration, HMV said, “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.”
Our thoughts are with all those who jobs are at risk.
Please don’t be rude to shop workers
It’s important to remember that the people who work in the shops have no control over how they are told to run the branch. It’s the people at HQ that make the rules, so don’t give the shop workers a hard time. Uncertainty over the future of their job is probably bad enough for them.
Image: Gec Carroll under CC BY 2.0
