A bad Christmas may spell the end for the UK’s last high-street music chain.
After 92 years, it seems likely that the UK’s last classical music retail chain will finally call in the administrators later today. Both Sky Newsand London’s Financial Timesunderstand that accounting giant Deloitte has already been appointed by HMV’s board.
A bad Christmas for the company, which has seen its sales steadily eroded in recent years by downloads and online retailers, led to a massive sale announced last week. Consumer confidence and shares have fallen by 20% as a result.
Although it disappeared from Australian cities a few years ago, the retailer still has 238 stores in the UK and Ireland. London’s flagship Oxford Street store is a destination for many a music-loving tourist.
There are some detractors, however, who feel that the current woes are of the company’s own devising. Over recent years, Australian shoppers returning from London have reported a steady decline in range, customer service and specialist staff knowledge, particularly in classical music.