HMV headed for administration

on 14/01/2013 21:10:26

Music retailer HMV is reportedly set to go into administration tomorrow morning.

Deloitte is expected to be appointed as administrator.

HMV operates 16 stores across the Republic of Ireland and employs over 4,000 people both Ireland and the UK.

The company, which has been in operation for more then 90 years, has been struggling since before Christmas.

It recorded a 10.2% slump in sales and it's net debt rose to over €211m over the six months to the end of October last year.