The UK retail sector has been taking some massive blows recently with major companies closing their doors as the market shifts. That trend may be continuing into the New Year as it has been confirmed that HMV once again faces administration. The company has been through this before at the beginning of 2013.
One of the major reasons has been the constant threat of streaming services, which are able to offer a lot more content for the price of a single DVD or CD. While HMV did reduce its presence in the gaming market, it still carries some merchandise related to the industry.
It appears the decision to get in administrators has been made due to deals with suppliers failing as well as a reduction in income through sales. At this time it is unclear whether a buyer could rescue HMV from collapse or if one of the oldest entertainment retailers is coming to its end.
HMV currently employs over 2,200 staff who we hope get through this.