HMV set to go into administration putting Stevenage store at risk

The HMV store in Stevenage town centre

The HMV store in Stevenage town centre - Credit: Daniel Wilson

A HIGH street chain is appointing an administrator in a move which will put a Stevenage store at risk.

Music and DVD retailer HMV has announced it is calling in administrator Deloitte, which will assess the prospects for the business and seek potential buyers.

All of HMV’s 239 stores in the UK and the Republic of Ireland, which include one in Stevenage town centre, will remain open while this process takes place.

The firm said it would not be accepting gift vouchers or issuing any more.

In a statement, HMV 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.”

Comet editor Darren Isted has called on fellow gift-card holders to join him at the Stevenage store at 1pm today (Tuesday) to reclaim gift vouchers.