Debt-hit HMV may go into administration
MUSIC shop HMV, which has two stores in Bristol, looks set to go into administration.
According to reports last night the music chain could go call in administrators as soon as today after failing to secure funds to pay off its debts.
HMV, which has stores in Broadmead and The Mall at Cribbs Causeway, admitted last month that it was struggling to pay its bank debts.
The Financial Times reported that the company had attempted to secure about £300 million in financing from its suppliers to pay off its debts and overhaul its business model.
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The chain had called on its suppliers, which include record labels, games and film-makers, for support a year ago.
But with the funding not forthcoming this time, HMV was expected to call in the administrators.
The company has been hit by the move to buying music and films online and had made attempts to diversify its business but had not made sufficient progress.
HMV, which dates back to the 1920s, featured one of Bristol's most famous dogs as its logo.
Nipper was owned by Mark Henry Barraud, a scenic artist at the old Prince's Theatre in Park Row.
The news follows the closure of Jessops stores across the country, including shops in Broadmead, Cribbs Causeway, Clifton and Weston-super-Mare, after administrators said they were not viable.
It was also announced last week that 30 jobs had gone at Play.com with the closure of its Bristol office.