UK music store HMV forced into administration after failing to overcome online competitors

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HMV, a 91-year-old retailer of music, film and games on the UK high street, is set to fade into financial oblivion, having failed to counter the rise of online shopping. The 239-store chain has confirmed it will appoint accountancy firm Deloitte as its financial administrator, to determine how best to dispose of its assets. The company’s stores won’t be closed up until a determination of their future is made, but HMV has said it will not be accepting any gift cards as payment, nor will it be using new ones.

The demise of HMV, a longtime mainstay on UK high streets that started its life with a store on the world famous Oxford Street back in 1921, is the latest in a string of big-name collapses in recent times. From Best Buy’s costly…

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