Bloomberg News

HMV Names Deloitte as Administrator While Seeking Sale

January 22, 2013

Deloitte LLP, administrators for HMV Group Plc (HMV), said it remains “hopeful” that Britain’s biggest seller of CDs and DVDs will survive after Hilco, a U.K. retail restructuring firm, bought the chain’s secured debt.

Deloitte will “work closely” with Hilco “as we continue to seek a positive outcome,” joint administrator Nick Edwards said today in an e-mailed statement. “Stores continue to trade and at this time we remain hopeful of securing a long-term future for HMV.”

Deloitte is trying to stabilize Maidenhead, England-based HMV while seeking a buyer after being appointed as administrator last week.

HMV is among specialist U.K. retailers that have been hurt by growing competition from supermarkets and Web retailers such as Amazon.com Inc. (AMZN:US) The Jessops camera chain this month became the first failure of 2013 when administrators shut all 187 stores. That followed the collapses last year of the Comet electronics chain, JJB Sports Plc, Game Group Plc and Clinton Cards Plc.

To contact the reporters on this story: Paul Jarvis in London at pjarvis@bloomberg.net; David Risser in London at drisser@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net


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