HMV goes into administration, jobs at risk in Truro
12:20pm Tuesday 15th January 2013 in Truro
NATIONAL music and DVD retailer HMV, which has a flagship store in Truro, has gone into administration with up to 4,350 jobs at risk across the country.
Administrators Deloitte will continue to run the 239 stores across the country open while it looks for a buyer. Trading has been suspended on the stock exchange after HMV issued the following statement.
"The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect."
The Truro store on Lemon Quay opened in 2003 but the gloomy state of the high street and competition from online retailers such as Amazon and Play has seen physical DVD and CD sales plummet.
The company has said it will not be accepting gift vouchers or issuing any more.
HMV follows Jessops, who also have a store in Truro, who also announced they were going into adminstration last week.