Multinational Retail Group HMV Enters Administration Due to Suffering Economy

February 12th, 2013
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The down British economy claimed yet another victim, this time music retail chain HMV.

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The multinational retail group announced Tuesday that it had entered administration, the UK equivalent of bankruptcy. The 111 year old company was unable to strike a deal with its creditors regarding outstanding debts, so now it will be overseen by new administrators. This all comes at a time when many music retailers are struggling because of online competition like iTunes and Amazon.com, as well as a general downturn in the economy.

HMV, which stands for His Master’s Voice, is known by its logo in which a dog listens to a gramophone, unable to tell the difference between the high quality recording and his master’s actual voice (hence the name). After hitting a record high in 2005, the company’s stock price has fallen 99%, a drop that may lead to new ownership in the near future.

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By Jose Maldonado Posted in News


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Multinational Retail Group HMV Enters Administration Due to Suffering Economy

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