HMV hopeful of buyer to prevent job losses

Despite news that the administrators have been called in, HMV has announced that its stores are open and trading as normal. However, it is not currently accepting gift vouchers or issuing any more until further notice.

In a statement issued on Monday night it said: "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."

Trevor Moore, the boss of HMV, said management had begun working with administrators Deloitte and they were confident of finding a solution to the embattled retailer's troubles and therefore trading will continue in the interim.

Mr Moore said the board would do whatever they could to support staff, while Deloitte assesses the prospects for the business and seeks potential buyers.

HMV is the last remaining national music retailer. It has 230 stores in the UK and Ireland, as well as nine shops under the Fopp brand.

News of its imminent administration has been greeted with sadness by customers and those in the music industry.

However @off_the_hook tweeted earlier: "Sad news about #HMV but don't forget there's a great #independent on #ForeSt #Exeter Rooster Records" http://www.roosterrecords.co.uk/