HMV latest High Street casualty as chain beings in administrators
High Street DVD and CD chain HMV is to call in administrators today as it becomes the latest casualty of the changing economy.
The group, which has a large branch at Drake Circus in Plymouth, has been battered by competition from online film and music sales as well as supermarkets.
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HMV latest High Street casualty as chain beings in administrators
Administrators Deloitte are expected to continue trading the stores - but the move puts 240 shops and 4,500 staff at risk.
HMV has been trading since 1921 and is the only surviving national music store.
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HMV last night met with suppliers, who refused a request for a £300m lifeline for the struggling entertainment retailer.
Deloitte, which has been advising HMV’s lending banks, was lined up as administrator to the chain.
Just days ago Jessops closed all of its shops - including in Plymouth - following the closure in December of all Comet branches.
Comments
by kooldud
Tuesday, January 15 2013, 8:34PM
“maybe HMV is not "beings in administrators", but "brings in administrators", someone tell typist it's next key to the right.”
by Theholetruth
Tuesday, January 15 2013, 6:25PM
“Great we now have a half ****d attempt at a shopping centre that smells of fish that will soon be filled with closed down shops. City of culture here we come !”
by Theholetruth
Tuesday, January 15 2013, 6:23PM
“Great now we have a half ****d attempt at a shopping centre that stinks of fish and is now filled with derelict shops. City of culture here we come !”
by bluebell2
Tuesday, January 15 2013, 5:33PM
“Until retailers start to bring there prices down the on line cheaper product will prevail example memory foam mattress in shop wont say witch shop cheapest two hundred and fifty on line the same product eighty pounds . bluebell”
by bongaloo
Tuesday, January 15 2013, 3:05PM
“This is a bit of shame, I loved going into music shops browsing their collection, reading the backs of the items, looking a the art work and deciding what to buy, you can't really do that over the interweb, as your minus the psychical item (even if you get the thing posted to you), I didn't mind even paying a little bit instead of getting it cheaper off amazon.
Maybe there will be a revival of the smaller music shops instead of the big chains? I wonder if they are getting rid of Fopp.”
by BIGDUKE999
Tuesday, January 15 2013, 1:34PM
“what will become of "NIPPER" will he be abandon?”
by watifink
Tuesday, January 15 2013, 10:28AM
“If a company knows its any where near calling in administrators, it shouldn't sell vouchers at all”
by knucklehead
Tuesday, January 15 2013, 9:11AM
“I always liked HMV
Who remember Pete Russell's Hot Record Shop ?”
by m_dalston
Tuesday, January 15 2013, 9:01AM
“I can understand HMV going into administration. The whole businessmodel was outdated 10 years ago.
What I don't understand is that someone like Deliotte advises banks on wether or not to lend to retailers. They inform the banks to pull the plug on (in this case) HMV. HMV immediatly goes into administration and that same Deloitte then stands to pocket millions being appointed administrators. And the giftcards being sold yesterday are now worthless. That is the real scam. And it stinks.”