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HMV in Watford and St Albans to go into administration
High-street entertainment retailer HMV, which owns shops in Watford and St Albans, has been forced to call in administrators.
The chain has been in operation for 92 years, employing more than 4,000 people, selling CDs, DVDs and video games.
It has suffered from competition from supermarkets and the internet, with more than £1billion spent on downloading music and films last year.
Conversely HMV’s latest figures reported sales of £288.6m in the six months up until the end of October 2012, a 13.5 per cent drop compared to the same time in 2011.
Both Watford and St Albans stores are open but are currently not accepting gift vouchers.