HMV to go into administration tomorrow

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posted on Jan, 14 2013 @ 02:38 PM
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And another big high street retailer to go to the wall.




Late last week, HMV asked its suppliers, which include music labels, game makers and film companies, for around £300m in additional financing to pay off its bank debt and fund an overhaul of the company’s business model.

But the proposal has been turned down, raising fears that the company will be forced into administration. A year ago, suppliers stepped in to support HMV, taking a 5 per cent equity stake in the company to secure its position as the leading.

The closure of HMV could strike a damaging blow to the UK retail market for video games, CDs and DVDs. According to Verdict, HMV’s share of the combined music and video market, defined as physical and downloaded products bought on and offline, was 22.2 per cent in 2012.


Independent
FT online

There are 4350 people working at HMV who just found out they been put in to administration
hopefully some of the shops and jobs can be saved by another retailer.

This is going to have a big knock on effect to the companys surplying HMV as well so
so to to those effected by this i wish you luck.
edit on 14/1/2013 by skuly because: adding diffrent link




posted on Jan, 14 2013 @ 07:57 PM
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reply to post by skuly
 


I'm not in the UK (though I have shopped at HMV in the past,) but it occurred to me a couple of months ago that I've only purchased one CD in the past three years (the new Ben Folds Five -- bought it on impulse to listen to in the car on the way home from Best Buy to get an AppleTV.) Everything else I buy on iTunes or stream with Spotify. Mostly the same with DVDs, although I do buy more of those, 100% of them come from Amazon or specialty online stores.

For media, brick and mortar shops are a dead end.
edit on 14-1-2013 by adjensen because: (no reason given)





 
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