Up to 300 jobs at risk as HMV set to go into administration

Up to 300 jobs are at risk here as music retailer HMV last night announced it is to go into administration.

The future of the company has been the subject of intense speculation since before Christmas when it issued a “going concern” warning. It also said it was likely to breach banking covenant tests at the end of January.

In a statement issued last night, HMV said following a board meeting that lasted several hours, it was decided the business could no longer trade without insolvency protection.