Deloitte, the newly appointed administrator for the entertainment retailer, has labelled the brand as iconic whilst stressing its plans to save it from the brink of closure.
Whilst remaining upbeat regarding the brand's future, the administrator has emphasised the difficulties that retailers are facing in a tough market.
"HMV is an iconic retailer and continues to be a very popular brand, but as we have seen with many high street retailers, the market is changing rapidly and conditions are currently very tough," said Nick Edwards, joint administrator and restructuring services partner at Deloitte, within an official statement from the firm.
"Following our appointment, we are working closely with management and staff to stabilise the business in order to continue trading whilst actively seeking a purchaser for the business and assets. We appreciate the cooperation and support from the staff, customers, suppliers and landlords at what is clearly a difficult time."
Just last month, Deloitte were appointed as administrator for now closed electrical retailer Comet.
HMV entered administration on Monday after it found it would fail to meet the banking covenants agreed with lenders over its mounting debt, which remains close to £200m.
In light of the news, HMV boss and former Jessops head Trevor Moore has voiced his desire to save the brand, whilst believing himself to be the man capable of doing so, by having "a plan in mind."
Within a conference call yesterday, Moore said: "We really do think a high street without HMV is not as attractive a place to be as with us."
All of HMV's 223 stores across the UK and Ireland face closure, with the firm's 4,123 employees facing the axe.
However, Deloitte has confirmed that HMV Guernsey, HMV Hong Kong, HMV Ireland, HMV Singapore and 7Digital Group remain outside of the insolvency process.
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