HMV: administration looms for UK, following Hong Kong


HMV: administration looms for UK, following Hong Kong

HMV has filed a notice of intention to appoint administrators for its UK business which achieved sales of £277 million and gross profits of £106.3 million for the 12 months to December 30th, 2017. It trades from 130 stores with some 2200 staff. Midway through December 2018, HMV Digital China Group announced that it was beginning to wind up its Hong Kong stores and had appointed administrators after becoming insolvent. In a statement with regard to its Hong Kong development, HMV said that it “has faced numerous struggles and ups and downs, witnessing the rise of the record industry and the heyday of CD, VCD and DVD home entertainment systems; but as time changes, the global development of information and economic climate have also changed.”

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