One more arm of the high street media retailer HMV has now entered administration. Guernsey may not be the biggest market, but it’s another tumbling domino that paints a bleak future for the shop chain.
Unfortunately for those that are employed in the Guernsey store, the single outley was used as a guarantee on a debt of over £127 million. Because of this, it has now been forced into administration with advocate Tim Corfield making a successful application according to ThisisGuernsey.
The main HMV parent company has been in administration for some time itself. It is thought that Hilco, the company that bought up HMV’s debt a few weeks ago, will step in and buy the rest of the chain but is currently working out a deal with creditors.
However, as part of its apparent takeover big, Hilco and administrator Deloitte have closed over 100 stores, including all of those that were present in the ROI.
KitGuru Says: Apparently the Guernsey store was one of the more profitable ones. Makes sense as being an island isn’t exactly conducive to high speed internet and digital downloads.