Music Industry

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Dionne Warrick bankrupt.


It is funny (not) how these ex rich folk always blame bad financial management after they declare bankruptcy. There they have been living the high life for many years and not paying the correct tax and then boom, one day it all catches up on them.

Source Link: Sky News

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4500 jobs at risk as HMV goes into administration.

HMV Logo

HMV has thrown in the towel after years of struggling to fend off nimbler rivals by calling in administrators in a move which puts more than 4,000 jobs in jeopardy.

Following a board meeting that lasted several hours, HMV directors, led by chairman Philip Rowley and chief executive Trevor Moore, decided the business could no longer trade without insolvency protection.

Source: Sky News

HMV has become the second retail chain to enter administration, following the decision by photography chain Jessops to do the same earlier in January.

The business, which sells CDs, DVDs and video games, says that as a result of ‘current market trading conditions’ it faced ‘material uncertainties’ meaning that it would likely not be able to meet with banking covenants at the end of the month.

Accountancy firm Deloitte has been appointed as administrator and will now keep HMV’s 239 UK stores, supporting some 4,300 workers, open while it pursues potential buyers.

Source: Growth Business – Administrator moves in as HMV faces the music

Possible job loss: 4500

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Eurovision contest hit by credit crunch


Source:Sky news

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Gibson Guitars, 3M, Delta Dental, Informatix all suffer job losses.

gibson guitar logo

Total losses = 1381