HMV calls in the administrators

Music retailer HMV confirmed on Friday afternoon that it had called in the administrators, for the second time in six years.

It's understood KPMG was the firm appointed.

The retailer - the last remaining national high-street music chain - had 2,200 staff and more than 120 locations as it took the decision.

It had been taken over by restructuring specialist Hilco in 2013, one year after digital revenue surpassed physical sales of music for the first time in the UK industry.

Hilco had attempted to breathe new life into the strugglin chain by hosting experiences, such as live performances from popular artists, in its stores.

A number of reports were advising holders of gift cards - a popular Christmas gift - to spend them as soon as possible, as the administrators could choose to stop accepting them as payment.

Consumer advice organisation Which? says administrators of a retail chain could choose to stop accepting vouchers, or processing returns, while a firm was in administration.

HMV, which stands for His Master’s Voice, was founded in 1921 by composer Edward Elgin, and remains famous for its dog-and-trumpet logo.