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Music Retailer HMV Files for Insolvency After Weak Christmas

  • HMV becomes U.K.’s first retail casualty of holiday season
  • 125 British stores to stay open for now as HMV seeks buyer
HMV Group Plc's Stores as Administrators Called
Photographer: Simon Dawson
Updated on

Music and entertainment retailer HMV Group Plc has become the first U.K. casualty of Christmas after disappointing sales over the holiday period.

The 97-year-old company, owned by restructuring firm Hilco Capital Ltd., entered insolvency procedures for the second time in six years, threatening 2,025 jobs. It previously suffered a near-collapse in January 2013, as the move toward online streaming services hit sales.