Legendary UK music and entertainment retailer HMV has fallen into administration again. Administration is the British equivalent of bankruptcy protection.
The 97-year-old company, which accounts for nearly a third of all physical music sales in the UK and nearly a quarter of all DVD sales according to The Guardian, last experienced financial troubles back in 2013 at which time it was rescued by restructuring firm Hilco.
Now, insolvency experts from the accountancy firm KPMG have been appointed as joint administrators.
HMV’s 125 UK stores will remain open while discussions with suppliers and potential acquirers are in progress.
2,200 jobs are currently at risk.