Login Register

Up to 15 jobs at risk at HMV in Lincoln as chain appoints administrators

By PWhitelam_LE  |  Posted: January 15, 2013

Comments (0)

Up to 15 jobs are at risk at HMV in Lincoln.Company spokesman Gennaro Castaldo confirmed the branch, which employs up to 15 staff, is trading as normal despite the threat from adminsitration. Around 4,350 jobs are at risk nationally.Last night HMV Group plc announced it was heading into administration.

In a statement, the company said: "On December 13, 2012, the company announced that as a result of current market trading conditions, the company faced material uncertainties and that it was probable that the Group would not comply with its banking covenants at the end of January 2013.

"The company also stated that it was in discussions with its banks.

"Since that date, the company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach.

"However, 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.

Related content

"It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the company and certain of its subsidiaries.

"The company's ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect."

Read more from Lincolnshire Echo

Do you have something to say? Leave your comment here...

max 4000 characters
  • IT_MAN  |  January 18 2013, 6:44PM

    Hope this can help someone I found it on Saga.co.uk news email. If that happens don't despair. The person who bought it can get their money back using a system known as 'chargeback'. This is a deal agreed by Visa, MasterCard and Amex whereby they take liability if a firm does not provide the goods or service it promises. It is particularly useful where a firm goes out of business. The card issuer will refund your money. There are a few restrictions – you normally have to apply within 120 days of the firm going bust. And MasterCard has a minimum amount of £10. So if you have a card or gift voucher with Comet or Jessop or HMV then ask the person who bought it and gave it to you to reclaim the money and give you the cash. There is nothing so comforting on a gift as the words "Bank of England. I promise to pay the bearer the sum of…"

    |   1