January 14, 2013 / 10:01 PM / 5 years ago

HMV confirms going into administration

1 Min Read

LONDON, Jan 14 (Reuters) - British music and DVDs retailer HMV confirmed on Monday that it was calling in the administrators as talks over a deal to prevent an imminent covenant breach failed.

"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," the company said in a statement on Monday evening.

Deloitte would be appointed as administrators and the business would continue to trade while a purchaser was sought, it said.

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