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Business News HMV Timeline Retail
HMV’s Guernsey company goes into administration
By Chris Cooke | Published on Thursday 7 March 2013
HMV Guernsey, which operates just one shop on the Channel Island, has gone into administration. For reasons not entirely clear to me, the HMV subsidiary responsible for the company’s small presence on the island didn’t formally go into administration at the same time of its UK parent company (and the HMV Jersey business) back in January.
Reps for HMV Group’s administrators Deloitte have confirmed that the Guernsey outlet is now also in administration, adding that the company’s one store would remain open while they sought a buyer for it. It’s not known whether Hilco, the restructuring company most likely to takeover the HMV UK business, would be interested in also taking over the brand’s Channel Island bases. HMV’s stores in Hong Kong and Singapore were recently sold off by administrators in a separate deal.
Of course some reckon that mail-order CD sellers based on the Channel Islands, which until last year could benefit from a VAT loophole to score a 15-20% advantage over UK-based retailers, was a major contributing factor in the downfall of the HMV business.
