Single outlet was used as guarantee on £127m debt

HMV Guernsey follows parent company into administration; Island could lose last remaining record shop

Another arm of the entertainment retailer has now entered administration.

Rick Garrard and Nick Edwards of Deloitte have been appointed joint administrators of HMV Guernsey, which operates the island’s last remaining record shop.

The single outlet was used as a guarantee on a debt of over £127 million, because if this, it has now been forced into administration.

Mr Garrard said: "The Guernsey store continues to trade as normal and continues to accept gift vouchers.

"We will work closely with the HMV administrators in the UK, local management and staff to continue trading whilst pursuing a sale of the business."

The main HMV parent company went into administration on January 15th. 103 UK stores have closed so far.

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