Iconic record retailer on the rocks

HMV (His Master’s Voice), one of the world’s best-known retailers of recordings, has gone into administration, the British equivalent of Chapter 11 bankruptcy reorganization, as sales of DVDs and compact discs plunged in Britain’s Christmas shopping season.

The 97-year-old chain, which operates 125 stores in the UK, had been rescued from bankruptcy five years ago. Its current troubles mirror those of other “high street” stores reeling from competition from online retailers, as well as reduced spending by consumers worried about an economic slump as Britain faces Brexit, its coming separation from the European Union, The Guardian’s Angela Monaghan reports: