Quote:LONDON – The British music retail chain HMV announced on Tuesday that it had entered administration, a form of bankruptcy, as it became the latest British company to suffer from the country’s flagging economy.
HMV, whose history dates back to 1902 and well-known trademark is a dog sat next to a gramophone, said it had failed to reach an agreement with its creditors over outstanding debts, and would appoint administrators to oversee the business, including a potential sale to new owners. The company’s shares have also been suspended from trading on the London Stock Exchange.
The bleak fortunes of the British company, which opened outlets across North America in the 1980s, but closed its last New York store in the early 2000s, mirror similar problems at many of Britain’s retailers.
...The plight of HMV, whose name stands for His Master’s Voice, is a continuation of a sea change in consumer habits as more music and video is bought through online retailers like Amazon.com and Apple’s iTunes.
HMV was spun out of the music record label EMI in 1998, and listed on the London Stock Exchange in 2002 through an initial public offering worth around $1.6 billion. Since the company’s share price hit a record high in early 2005, the stock price has fallen more than 99 percent.
The British music retailer operates around 240 stores across Britain, Ireland, Singapore and Hong Kong, and employs more than 4,000 people.
http://dealbook.nytimes.com/2013/01/15/b...lobal-home
In the "Possible ALBUM release date" thread,
http://haleyfans.com/showthread.php?tid=468 , it was noted that "HMV is a British global entertainment retail chain and is the largest of its kind in the United Kingdom and Ireland."
British music retail chain HMV enters bankruptcy
