News Summary: HMV suspends trading, seeks rescue

  • Article by: The Associated Press
  • Associated Press
  • January 15, 2013 - 10:41 AM

END OF ERA: British music and entertainment retailer HMV admitted defeat on Tuesday after more than 90 years in business, suspending trading in its shares and calling in administrators to try to salvage viable parts of the business.

STORES OPEN FOR NOW: HMV is the last big retail chain selling recorded music in Britain and employs more than 4,000 people in 238 stores, which will remain open for the time being.

THE BACKGROUND: The name HMV stands for "his master's voice," from the company's trademark of a dog named Nipper staring at the bell of an early gramophone player. The first HMV music store opened in London in 1921.

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