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Thousands of jobs at stake as HMV enters administration
12:10pm Tuesday 15th January 2013 in News
Music retailer HMV has announced plans to enter administration, putting around 4,500 UK jobs at risk.
The 91-year-old company has become the latest high street giant to fall victim to the rise in online shopping, unable to compete with the likes of Amazon and iTunes.
In recent years, the retailer had attempted to tackle rapidly declining sales of CDs and DVDs by selling more gadgets and electrical goods, but could not match some of the cut-price deals available on the internet.
Today, the company announced it intends to appoint Deloitte as administrators. It also said it would not be honouring gift cards or issuing any more.
HMV operates around 235 stores across the UK, including one in the Bentall Centre in Kingston.
The town has a historic relationship with the retailer, as it is also the final resting place of Nipper the dog, who appears on the company's iconic logo.
The fox terrier/jack russell cross is buried beneath the site now occupied by Lloyds Bank in Clarence Street.
In 2010, an alleyway next to the King's Tun pub was renamed Nipper Alley in honour of the famous hound.
HMV's announcement comes less than a week after camera specialist Jessops, which also has a store in Kingston, filed for administration at High Court.