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Dublin: 8 °C Thursday 27 November, 2014

HMV holds crisis talks in bid to avoid going into administration

The music chain has a number of shops in Ireland and the UK and employs approximately 4,000 people.

HMV has a number of stores in the Republic.
HMV has a number of stores in the Republic.
Image: Sasko Lazarov/Photocall Ireland

HMV IS ON the brink of going into administration as the company’s directors continue their talks on how to save the retail giant.

Sky News is reporting that accounting firm Deloitte has been lined up as a possible administrator to the company, which has 16 shops in the Republic of Ireland and some 230 shops in the UK.

Up to 4,000 jobs would be at risk were the music shop to close.

The news comes after HMV warned last month that it may breach its January 2013 agreements with lenders.

HMV began trading in 1921 and had its first store on London’s Oxford Street.

Read: HMV warns that it may not comply with banking agreements >

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