|HMV officially going into administration|
|Posted: 15.01.2013 05:48 by JonahFalcon||Comments: 2|
HMV has officially announced that the retailer will be going into administration, and has appointed Deloitte to function as its administrator. This will affect over 4,500 jobs in its 239-store chain.
One analyst blames the proliferation of digital content for its demise.
"In the digital era, where 73.4 per cent of music and film are downloaded, HMV's business model has simply become increasingly irrelevant and unsustainable," retail analyst Conlumino's managing director Neil Saunder insisted. "Coming hard on the heels of the failure of Comet and Jessops this latest potential administration demonstrates the significant pressure on retailers, many of which are contending with a consumer downturn alongside structural shifts in the sector."