By ANISAH ARIF
The music firm, HMV, could be potentially collapsing as it emerging to be in a state of a crash crisis.
The group trades over 130 stores, including one in the Kingsgate Centre in Huddersfield Town Centre and employs over 2,200 members of staff.
Now the retailer had filed a notice of intention to appoint administrators amid a crash crisis at the firm.
If HMV was to go underwater, it would be the second time it has collapsed in recent years, having filed for administration in 2013, after which it was acquired by its current owner, Hilco.
It is understood that the retailer had been seeking financial support in the last week from people in the recorded music industry, sources told Sky.
KPMG is understood to be waiting in the wings to undertake the process, with administration expected to be announced later on Friday.
High business rates, weak consumer confidence and the rise of online streaming services will have taken their toll on HMV.
The failure of another major high street name before the year is up would cap a miserable 12 months for the retail sector.
The likes of Poundworld, Toys’R’Us and Maplin have all gone bust this year, while heavyweights Marks & Spencer and Debenhams have announced plans to shut hundreds of stores.
Several others – including Superdry, Carpetright and Card Factory – have all issued profit warnings.
High street retailers have been slashing prices after brutal trading in November and early December failed to lure shoppers to stores.
Traditional retailers have been battling the rise of online shopping, higher costs and low consumer confidence as shoppers rein in spending amid Brexit uncertainty.
KPMG and Hilco, which also owns Homebase, declined to comment.