HMV Were £20 Million in Debt at Time of Collapse News reports show that at the time of the company’s collapse, HMV were £20 million in debt. The statistics were revealed by financial website This is Money who also revealed that as well as owing the taxman £20 million, they also owed their banker £109 million. HMV are currently in the process of trying to save as many of their stores and jobs of their staff as possible.

In order to do this, six former HMV stores have been sold to supermarket chain Morrisons and these stores will be turned into Morrisons convenience stores over the summer.

HMV’s administrators Deloitte are hoping to keep many other stores open, despite the fact that they will be closing a further 37 stores. Nick Edwards, one of the joint administrators said: "This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern.

"We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period." The result of efforts to save the company is that half of their 219 UK stores will eventually close down including all stores that were based in the Republic of Ireland.

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