HMV stores in Kent may close as music giant goes into administration
It’s the day the music died as HMV, the last high street
retailer of CDs, collapsed into administration.
Dozens of Kent jobs are among more than 4,000 jobs at risk after
the 90-year old business was forced to give up its marathon
struggle for survival, felled by the remorseless assault from
online competition, supermarkets and digital downloads.
HMV, with its iconic listening dog logo, operates 240 branches
nationwide, including eight in Kent and Medway - Bluewater,
Maidstone, Chatham, Ashford, Folkestone, Canterbury, Thanet,
Tunbridge Wells.
Administrators
at Deloitte are being appointed to try to sell the chain as a going
concern but experts are doubtful that there will be many buyers in
what is seen as a declining market.
Some branches may be bought, and the HMV brand remains a
valuable asset.
HMV has been in financial trouble for years, and has issued
several profit warnings. Its demise was delayed by support from an
industry that was keen to keep its main high street shop window for
its products and back catalogue.
HMV follows hard on the heels of electricals retailer Comet and
the Jessops camera chain into administration. Fans will be hoping
that it does not follow those two into the history books.
What are your memories of HMV? Do you regret the end of
non-supermarket CD stores and browsing for music in a shop? Join
the debate below.
15/01/13
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