HMV has called in administrators after an ‘extremely weak’ Christmas period.
The move is set to put 2,200 jobs at risk.
In a statement, the company blamed the further deterioration of the UK DVD market, which was down by 30% over the Christmas period from the previous year.
Administrators are currently seeking a buyer for the business, whilst all 125 stores will continue to trade.
Hilco Capital purchased HMV out of administration six years ago for £50 million.
Paul McGowan, executive chairman of HMV and Hilco, said yesterday: “In the six years since the HMV business was rescued from a previous administration process the entire team has been immensely hard-working and engaged with the business and has captured market share from all of its competitors. As such, it is disappointing to see the market, particularly for DVD, deteriorate so rapidly in the last 12 months as consumers switch at an ever increasing pace to digital services.”
