Submitted by Fox First at Ten on January 15th
LONDON (AP) - British music and entertainment retailer HMV has suspended trading in its shares as the company prepares to call in administrators to try to salvage any viable parts of the business.
HMV management confirmed on Tuesday that it had failed to gain agreements with lenders and suppliers to continue trading. The company says it has appointed three partners of Deloitte LLP to administer the business.
HMV, the last big chain of shops selling recorded music in Britain, employs more than 4,000 people and has more than 200 stores.
The company's shares closed at 1.1 pence in London trading on Monday, down from a high of 4 pence a month ago.
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