Transcript and Answers: HMV entertainment retailer faces uncertain future

For decades HMV, which stands for His Master's Voice, has been a stalwart of the British high street. But late on Monday the UK's largest entertainment retail chain announced it was going into administration. The Deloitte financial group will assess HMV's business prospects and look for a potential buyer for the company's 239 stores which employs 4,350 people. It's the latest victim of the rise in popularity of digital downloads and online sale of CDs which have forced a number of music retailers from the high street. 

"We've lost Zavvi in the market, Music Zone, Our Price, Silver Screen…a very large number of specialist retailers exiting the market." 

Back in 2006 the company was worth 850 million pounds.  Now it's valued at just under 5 million pounds - a result of mounting debt and sales down 13.5 percent. In a bid to adapt to the changing demands of the market, HMV opened a number of temporary 'pop-up shops' which open just a few months around Christmas. The chain also began organising concerts, installing game zones and selling a broad range of technology and accessories. Although this hasn't been enough to keep the administrators at bay, HMV's faithful following are disappointed the retailer may disappear for good. ''Since I was little, I've always liked to browse and hold the item I’m looking to purchase, just get a better feel of what I'm shopping for.'' 

"'It’s just a lot more convenient, like you get the CD straight away you don't have to wait for it to download." 

The 92-year-old institution has been teetering on the edge of collapse for months and has now suspended trading of its shares. Many fear the announcement that HMV has entered administration, will silence His Master's Voice once and for all.

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