New photo Is HMV in administration and is it at risk of collapse and how many job losses could there be?

HMV could become the first high street casualty after Christmas as it has spiralled into a cash crisis.

We explain if the music retailer is in administration and how many job losses there could be.

HMV is on the brink of collapse

Getty - Contributor

Is HMV in administration?

The high street shop is teetering on the brink of administration, it was reported today.

Going into administration means the company is being taken under management of an appointed administrator.

HMV, which trades at 130 stores and employs 2,220 staff, filed a notice of intention to appoint new administrators today.

HMV trades at 130 stores and employs 2,220 staff

Getty - Contributor

Is it at risk of collapse and how many job losses could there be?

If it collapses, it will be the second time since 2013.

HMV filed for administration five years ago after it was acquired by the current owners Hilco.

KPMG, one of the Big Four auditors, is understood to announce an administration as early as December 28.

Sales were down by £23.6million in 2017 compared to the previous year, its latest report published in October revealed.

If Britain’s biggest CD, DVD and games chain collapses then 2,200 jobs are at risk.

Sales for HMV were down £23.6million in 2017

PA:Press Association

Which shops went into administration in 2018?

Coast collapsed into administration in October 2018, putting 300 jobs at risk. Twenty-four standalone stores have been closed, while Karen Millen is understood to have bought the group’s brand and website, saving around 600 roles.

Toys R Us went into administration earlier this year. The company, for many years a household name in retailing, faced the loss of 3,000 jobs.

Toys R Us will hold clearance sales across the UK after the business went bust

Alamy

Why is the high street struggling?

Recent analysis by the Labour party showed there are 100,000 fewer Brits working in the retail industry than there were in 2015.

Last year alone, the high street lost a total of 1,800 shops.

Companies blame the rise of Amazon and other online shopping sites for driving footfall away from town centres.

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Labour also points to price-gouging by town centre car parking firms, and to look into shops being left empty by landlords.

Meanwhile the Liberal Democrats want to abolish business rates and replace them with a tax on the value of land.

Influential Tories are calling on Chancellor Philip Hammond to fast-track a 3 per cent tax on the likes of Amazon, eBay and Google to “level the playing field” with UK business and help the high street.

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News Pictures Is HMV in administration and is it at risk of collapse and how many job losses could there be?

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