HMV on brink of second collapse in six years" width="976" height="549">
The Darkness performing at HMV's Oxford Street store in 2017
The music retailer HMV is poised to enter administration for the second time in six years, a move that would affect 2,200 staff at its 120 stores.HMV's sales have been hit by competition from streaming services and online retailers.The BBC understands the company could appoint administrators as soon as Friday.In 2013, the chain was taken over by Hilco, which specialise in restructuring companies.Hilco bought the chain, at the time 141 strong, in a deal worth about
The firm saw HMV host live events in store, with musicians including Kylie Minogue, Stormzy and The Darkness.The rise of online shopping and streaming platforms such as Netflix, led digital music revenue to overtake sales of physical formats like CDs and records for the first time in 2012. HMV is Britain's last surviving national music retailer.It was launched by English composer Edward Elgar in 1921, selling gramophones, radios and popular music hall recordings.
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