Suppliers' refusal to answer HMV's £300m call for help led to administration - report

Ben Parfitt
Suppliers' refusal to answer HMV's £300m call for help led to administration - report

Tonight's anticipated collapse of HMV came about after suppliers ignored the retailer's latest plea for help.

That's according to The Financial Times, which reports that HMV directors last week asked suppliers for yet another financial lifeline to keep the chain aloft – this time to the tune of £300m.

That was one bailout too many, however, and their refusal has led to HMV's decision tonight to appoint Deloitte as administrator. An official announcement could arrive as soon as tonight.

The chain employs around 4,000 workers and operates 230 UK stores. Most stores will continue trading tomorrow while Deloitte attempts to find a buyer. If this proves unsuccessful, however, store closures could commence imminently. 

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Tags: Retail , HMV , administration , suppliers , £300m

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