Music retailer HMV preparing to enter bankruptcy

British music and entertainment retailer HMV says it is preparing to enter a form of bankruptcy after failing to secure a reprieve from its lenders.

The company said in a statement late on Monday that it is unable to trade “outside of insolvency protection” and would go into a type of bankruptcy called administration.

HMV employs more than 4,000 people and used to be a dominant player in Britain’s music distribution business.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1128388/music-retailer-hmv-preparing-enter-bankruptcy