iTunes Kills Again, HMV Near Bankruptcy
The iTunes Music Store has been a game changer, and serial killer, since day one. Apple’s digital storefront has been credited with slaying Tower Records, multiple Microsoft efforts and, recently, French retailer Fnac. A host of others, including Napster and Rhapsody, barely cling to life. Now, iTunes kills again.
According to ZDNet, British music retailer HMV has appointed administrators, a sure sign the one-time industry giant is on the verge of bankruptcy.
“[T]he Board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the Company and certain of its subsidiaries with immediate effect,” the company announced.
That said, the administrators are seeking a buyer for HMV, which is expected to continue operations. However, it isn’t yet known how many of the company’s 239 stores and 4,350 employees in the UK, Singapore and Hong Kong will be closed or terminated, respectively.
Which retailer or online store will iTunes kill next?