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HMV collapse threatens local jobs

HMV has gone into administration

HMV has gone into administration

The collapse of high street music chain HMV could cost local jobs.

Hundreds of customers from around the district who bought gift vouchers and cards from the store in Falkirk’s Howgate Centre before Christmas have also been hit in the pocket after bosses who called in the administrators this week confirmed they are worthless.

The crash of one of the most famous household names in the country threatens to put around 4500 people - including staff at its 22 stores - in Scotland on the dole.

The company launched in 1921 owes £300 million to its banks and struggling to find a buyer.

Its failure to keep pace with the digital revolution as shoppers moved to online retailers like Amazon for their CDss and DVDs are being blamed for its problems.

Despite massive discounts on the run up to Christmas, sales were dismal. Administrator Deloitte has been called in to try and find a buyer for all or part of the business but the prospects of that happening are understood to be bleak.

Margaret Foy, marketing manager at the Howgate, said: “We are aware the company is in administration and trying to find a buyer. We would hope that the Falkirk store might be saved due to the lack of competition it has in the area.”

 

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