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Music Icon HMV Faces Closure, Job Losses

PUBLISHED BY: SURENDER KUMAR
JANUARY 17, 2013

   
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The iconic British music company HMV faces closure as it appointed an administrator, creating fears of mass-scale job losses. Consulting firm Deloitte will handle the struggling chain as it seeks possible buyers.



 

 

Administration is a process whereby a troubled company invites independent expert financial help in to remain operational. The 92-year-old company employs around 4,350 people, but has been struggling to meet the challenge of online retailing and digital downloading and has been teetering on the brink.



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