Shortly after the news of Jessops going into administration, HMV has called in the administrators after suppliers withdrew support for the high street chain. With over 200 stores in the UK this puts over 4,000 jobs at risk.
It is thought that the store missed the boat with online trading, and with such strong competition from the likes of Amazon and even supermarkets, like-for-like sales fell 10.2% in the run up to October last year.
?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,? a statement said.
?The directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.?
Source: http://www.chilterndebtmanagement.co.uk/chiltern-press/hmv-retailer-call-administrators/
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