HMV suspends share trading, seeks rescue
In this image made available Tuesday Jan. 15, 2013, by EMI Trust, showing famed English composer Edward Elgar, centre, during a luncheon given during the opening of the first HMV music store at number 363 Oxford Street, in London on July 20, 1921. British music and entertainment retailer HMV admitted defeat on Tuesday Jan. 15, 2013, after more than 90-years of trading on the U.K. high street, suspending trading in its shares and calling in administrators to try to salvage any viable parts of the business. (AP Photo / EMI Trust)
LONDON - British music and entertainment retailer HMV has suspended trading in its shares as the company prepares to call in administrators to try to salvage any viable parts of the business.
HMV management confirmed on Tuesday that it had failed to gain agreements with lenders and suppliers to continue trading. The company says it has appointed three partners of Deloitte LLP to administer the business.
HMV, the last big chain of shops selling recorded music in Britain, employs more than 4,000 people and has more than 200 stores.
The company's shares closed at 1.1 pence in London trading on Monday, down from a high of 4 pence a month ago.
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