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HMV administration ends 'dismal year' for high street, says Norfolk MEP


By Lynn News Reporter


A West Norfolk MEP has bemoaned a "dismal year" for the high street as music retailer HMV announced it is entering administration for the second time in six years.

HMV's 125 stores, including the one on High Street in Lynn, will continue to trade whilst negotiations are ongoing with the major suppliers in the music and movie industries.

The retailer confirmed today that it will appoint administrators from KPMG to the business following "extremely weak Christmas footfall and a further deterioration in the UK market for CD and DVD".

Meanwhile buyers are also being sought for the business as a going concern.

Norfolk MEP Alex Mayer said: “This is very sad news for the staff in King's Lynn who now face an uncertain future. It’s a real blow just days after Christmas.

HMV store in Lynn's High Street.
HMV store in Lynn's High Street.

“Our high streets are under pressure like never before with stores facing online competition while they pay business rates, and falling customer confidence amidst Brexit uncertainty.

“It’s been a truly dismal year for the retail sector.”

It comes as figures from retail analysts Springboard show that Boxing Day footfall declined by 3.1 per cent in the UK.

That means this is the third consecutive year that Boxing Day footfall has been lower than the previous year.



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