ENTERTAINMENT giant HMV is to appoint an administrator, making it the latest casualty on the high street and putting more than 4,000 jobs at risk.
Following discussions among the music retailer’s directors, the company announced it was ceasing trading in ordinary shares immediately and had appointed accountancy giant Deloitte.
HMV, which began trading in 1921, has several stores around the region, including one in Silverlink, Wallsend.
In a statement it said: “The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect. The directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.”