Belfast Telegraph

Threat to Belfast HMV store as reports mount retailer on brink of administration

The jobs of around 2,200 HMV staff could be at risk after reports the music retailer could enter administration for the second time in six years.

The chain has one store on the island of Ireland in Belfast. A number of stores in the Republic closing their doors in recent years as part of a focus on online services.

Sky News reports the retailer has filed a notice of intention to appoint administrators, following last-minute talks with its suppliers last week.

If HMV was to go bust, it would be the second time it has collapsed in recent years, having filed for administration in 2013, after which it was acquired by its current owner, Hilco.

KPMG is understood to be waiting in the wings to undertake the process, with an administration set to be announced on Friday.

High business rates, weak consumer confidence and the rise of online streaming services will have taken their toll on HMV.

The failure of another major high street name before the year is up would cap a miserable 12 months for the retail sector.

KPMG and Hilco, which also owns Homebase, declined to comment.

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