New photo HMV is on brink of collapsing into administration

Music retailer HMV is at risk of becoming the first high street casualty after Christmas as it teeters on the brink of administration.

The group, which trades from 130 stores and employs 2,200 staff, has filed a notice of intention to appoint administrators amid a cash crisis at the firm.

If HMV was to go bust, it would be the second time it has collapsed in recent years, having filed for administration in 2013, after which it was acquired by its current owner, Hilco. 

HMV is on the brink of going into administration after struggling in the build-up to Christmas

KPMG is understood to be waiting in the wings to undertake the process, with an administration set to be announced as early as Friday.

HMV's potential collapse was first reported by Sky News.

High business rates, weak consumer confidence and the rise of online streaming services will have taken their toll on HMV.

The failure of another major high street name before the year is up would cap a miserable 12 months for the retail sector.

The likes of Poundworld, Toys'R'Us and Maplin have all gone bust this year, while heavyweights Marks & Spencer and Debenhams have announced plans to shutter hundreds of stores.

The chain has come under huge pressure from Amazon, as well as digital streaming services like Spotify for music and Netflix for films and TV series

Several others - including Superdry, Carpetright and Card Factory - have all issued profit warnings.

High street retailers have been slashing prices after brutal trading in November and early December failed to lure shoppers to stores.

Traditional retailers have been battling the rise of online shopping, higher costs and low consumer confidence as shoppers rein in spending amid Brexit uncertainty.

KPMG and Hilco, which also owns Homebase, declined to comment.

Store faces crisis after nearly 100 years on the high street 

HMV stands for His Master’s Voice, the name of an 1898 painting of a dog called Nipper listening to a cylinder phonograph.

Rights to the image were bought the following year by the Gramophone Company, who asked the artist to repaint the work with a wind-up gramophone.

The Gramophone Company opened the first HMV store on Oxford Street, central London, on 20 July 1921.

It later merged with the Columbia Gramophone Company in 1931, to become EMI. They opened HMV stores across the UK and by 1977 had 39 stores stretching from Glasgow to Brighton.

The label opened a store in Oxford Street in the 1920s. It is pictured in 1955

The Oxford Street store played an important part in helping the Beatles land their record deal - setting them on the path to becoming the biggest band in history.

In February 1962, the band had just been rejected by Decca Records, who famously said that 'guitar groups are on the way out'.

Undeterred, manager Brian Epstein paid a visit to HMV to transfer the band's demo tape to disc - and the engineer who helped him was so impressed he called a music publisher down to hear the record.

The publisher got in touch with George Martin, who was quick to sign up the band and later produced their legendary albums.

HMV Media Group broke away from EMI in 1998.

Nipper, the subject of the HMV logo, is buried in Kingston upon Thames in a small park surrounded by magnolia trees. A small road nearby was renamed Nipper Alley in his memory in 2010.

 

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News Pictures HMV is on brink of collapsing into administration

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Hayden Panettiere
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