HMV Names Deloitte as Administrator While Seeking Sale
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HMV Group Plc, Britain’s biggest seller of CDs and DVDs, appointed Deloitte LLP as an administrator, becoming the U.K. retail industry’s second high-profile casualty in the space of a week.
The administrators are working with management and staff to stabilize the business while seeking a buyer, Deloitte said in an e-mailed statement today. HMV has been “unable to reach a position where it feels able to continue to trade outside of insolvency protection,” the Maidenhead, England-based company said late yesterday.