ERA statement regarding HMV

Following this morning’s reports that High Street entertainment chain HMV has gone into administration, Entertainment Retailers Association CEO Kim Bayley said, “After what has been widely reported as a tough fourth quarter for retailers, HMV is not the only High Street name facing tough decisions right now. It is a fast-moving situation and it is too early to say how it will end. What is clear is that following its first move into administration in 2013, HMV has enjoyed a remarkable turnaround and it is conceivable that this will happen again. The fact is the physical entertainment market is still worth up to £2bn a year so there is plenty of business there. For the sake of HMV’s staff, customers and suppliers, we are very much hoping HMV can turn things around again.”