Published: 09:31, 28 December 2018
| Updated: 09:38, 28 December 2018
Poor sales in the run up to Christmas could finally spell the end for one of the high streets biggest music and film retailers.
It has been confirmed this morning that HMV, which has stores in Maidstone, Broadstairs, Bluewater, Tunbridge Wells and Canterbury, has gone into administration for the second time in six years.
It was previously rescued in 2013 by retail restructuring specialist Hilco Capital.
But it admitted the explosion in online streaming services such as Netflix and Spotify was leaving it unable to compete.
Paul McGowan, executive chairman of Hilco Capital said: "During the key Christmas trading period the market for DVD fell by over 30% compared to the previous year and, whilst HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable.
"HMV has clearly not been insulated from the general malaise of the UK high street and has suffered the same challenges with business rates and other government-centric policies which have led to increased fixed costs in the business.
"Business rates alone represent an annual cost to HMV in excess of £15m. Even an exceptionally well-run and much-loved business such as HMV cannot withstand the tsunami of challenges facing UK retailers over the last 12 months on top of such a dramatic change in consumer behaviour in the entertainment market."
KPMG has been appointed administrators.
It is not yet clear what will happen to its 125 stores across the UK, although all will continue to trade as normal in the meantime.
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More by this authorChris Britcher