The BPI has issued a response to HMV’s administration status, saying it hopes a long-term solution can be found that will save staff jobs.
The HMV Group confirmed late last night that its shares would be suspended from the London Stock Exchange with immediate effect today (Tuesday, January 15).
Speaking about the long-suffering High Street retailer, BPI chief executive Geoff Taylor said, "HMV has been an institution at the heart of retailing music for as long as the industry itself.
“Consumer demand for CDs remains significant. The administrators have indicated that they intend to continue running the business, so we hope they can find a long-term solution that keeps the stores open and saves jobs."
HMV CEO Trevor Moore has said that he wants to lead the chain out of administration and, alongside financial director Ian Kenyon, ‘intends to do whatever he can to safeguard jobs where possible’.