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HMV 'confident of finding solution' HMV 'confident of finding solution'
(35 minutes later)
The boss of HMV has said he is confident of finding a solution to the embattled retailer's troubles.The boss of HMV has said he is confident of finding a solution to the embattled retailer's troubles.
Trevor Moore said management had begun working with administrators Deloitte.Trevor Moore said management had begun working with administrators Deloitte.
"We remain convinced we can find a successful business outcome," he told journalists. "The intention is to continue to trade the stores.""We remain convinced we can find a successful business outcome," he told journalists. "The intention is to continue to trade the stores."
HMV revealed late on Monday that it intended to appoint an administrator. The firm has struggled against online competition.HMV revealed late on Monday that it intended to appoint an administrator. The firm has struggled against online competition.
Mr Moore said the board would do whatever they could to support staff, while Deloitte assesses the prospects for the business and seeks potential buyers.Mr Moore said the board would do whatever they could to support staff, while Deloitte assesses the prospects for the business and seeks potential buyers.
"I would like to personally pay tribute to the 4,500 people who work for HMV. Clearly this is a very worrying time for them and their families.""I would like to personally pay tribute to the 4,500 people who work for HMV. Clearly this is a very worrying time for them and their families."
'Disappointing' Christmas'Disappointing' Christmas
The company has said that it is not accepting gift vouchers or issuing any more.The company has said that it is not accepting gift vouchers or issuing any more.
Mr Moore did not reveal how many customers held the vouchers but said, "We're working to reconcile that number." Mr Moore did not reveal how many customers held the vouchers but said: "We're working to reconcile that number."
Over the last week, the company had redeemed a significant amount of vouchers - more than they sold - he said, but admitted they had still been selling them up until Monday. Over the past week, the company had redeemed a significant amount of vouchers - more than they sold - he said, but admitted they had still been selling them up until Monday.
He said that trading over Christmas had been disappointing, particularly so in technology products. But Allianz Insurance, which underwrites HMV's extended warranties, said it would continue to honour insurance claims made under extended warranty policies taken out by HMV customers.
Mr Moore said that trading over Christmas had been disappointing, particularly so in technology products.
"We had a very limited supply of two key brands of tablets," he said, without specifying the brands."We had a very limited supply of two key brands of tablets," he said, without specifying the brands.
He said that while HMV's problems had been well documented, "the events of last night will have come as a shock to many of you".He said that while HMV's problems had been well documented, "the events of last night will have come as a shock to many of you".
Chief financial officer Ian Kenyon added that the company had received "amazing support" from its suppliers.Chief financial officer Ian Kenyon added that the company had received "amazing support" from its suppliers.
Brand in declineBrand in decline
HMV is the last remaining national music retailer. It has 230 stores in the UK and Ireland, as well as nine shops under the Fopp brand.HMV is the last remaining national music retailer. It has 230 stores in the UK and Ireland, as well as nine shops under the Fopp brand.
News of its imminent administration has been greeted with sadness by customers and those in the music industry.News of its imminent administration has been greeted with sadness by customers and those in the music industry.
Founded in 1921, it has been one of the most recognisable brands on the High Street,with its iconic dog and gramophone trademark. Founded in 1921, it has been one of the most recognisable brands on the High Street, with its iconic dog and gramophone trademark.
But many analysts say its demise has been inevitable over the past 20 years as it failed to embrace the shift towards online sales and digital downloads.But many analysts say its demise has been inevitable over the past 20 years as it failed to embrace the shift towards online sales and digital downloads.
The expense of having so many stores, and therefore a large rent bill, is likely to have contributed to its decline, they say, The expense of having so many stores, and therefore a large rent bill, is likely to have contributed to its decline, they say.
As its debts mounted, HMV sold off parts of the business, notably its live entertainment arm and the Waterstones book chain.As its debts mounted, HMV sold off parts of the business, notably its live entertainment arm and the Waterstones book chain.
Last week, the group announced a month-long sale with 25% off prices, sparking worries that it needed to shift stock after poor Christmas trading.Last week, the group announced a month-long sale with 25% off prices, sparking worries that it needed to shift stock after poor Christmas trading.
HMV follows electrical goods firm Comet and camera chain Jessops into administration, but while those two companies have ceased trading, HMV hopes that a buyer can be found and the business will be able to continue on the High Street.
"There are likely to be very many options for this business in the coming days," Mr Moore said.