UK Media Retailer HMV Files for Bankruptcy Protection

posted on 2013-01-15 23:52 EST

British music and video retailer HMV declared bankruptcy protection on Tuesday. HMV does not view its current financial circumstances as a nail in the company's coffin and hopes to be able to continue in the retail business.

“We don't see this as a final chapter; we still believe there is a future,” said spokesperson Gennaro Castaldo. “It might have to be a slightly different future, but one we can still try to achieve, so we're working hard to make that happen.”

There are currently no plans for store closings. The company has 235 stores throughout the United Kingdom, Hong Kong, and Singapore with between 4,000 and 4,500 employees.

HMV is responsible for 27 percent of all DVD and Blu-ray sales in the United Kingdom. There is an HMV retail chain in Japan, but it was separated from the original HMV company in the United Kingdom. HMV Japan is not affected by this latest development.

Source: VG24/7, Global Post

Update: Like the Japanese stores, the Canadian HMV stores were also separated from the British HMV stores and will not be affected.

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