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Old January 15 2013, 10:00 AM   #16
Starkers
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Re: HMV to go into administration

stoneroses wrote: View Post
Very sad as you can see on this graphic it has been coming for a long time: http://www.dailymail.co.uk/money/mar...istrators.html
I have seen our price go, then tower, then virgin who became zavi then went. Hmv who sold waterstones a couple of years back have dropped like a stone. Amazon who are based in Ireland and jersey to keep taxes low mean high street stores cannot compete. Then there was mp3 which iTunes and others cained them on. Electrical goods never paid off for them. Now the banks have pulled the plug they will follow comet, woolworths(uk) Jessops and the others into the history books, only question is is who is next?
Well the Jersey loophole is being closed (maybe too late for HMV) and Play for one are folding up their tents.

Thing is I don't have a lot of sympathy for HMV, I remember back in the day (the day being the mid to late ninties/early noughties) before online shopping became the norm, and HMV was always expensive. I pretty much used to always end up buying at Virgin because most of the time it was cheaper.

I also wonder if they didn't get a bit big for their boots during the good times. It's only a couple of years ago that there were three HMV stores in Nottingham, plus FOPP once they bought its store in Nottingham as well. I thought it was madness at the time. They stripped down to one store and FOPP but too late I think.

It is sad though. will there be much of a Highstreet left soon?
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Old January 15 2013, 10:20 AM   #17
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Re: HMV to go into administration

Robert Peston makes some interesting points here maybe HMV won't dissapear from the highstreet completely?
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Old January 15 2013, 05:01 PM   #18
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Re: HMV to go into administration

HMV was a staple of my youth but lately I could never be bothered to go in. Too, too expensive. Still, it's sad to see all those people lose their jobs. And at Jessops, too.
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Old January 15 2013, 05:08 PM   #19
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Re: HMV to go into administration

Well, this is good news for independent record shops at any rate, hopefully this will push some of the remaining business back their way. HMV and the other giant music retailers did take it off them in the first place, after all.
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Old January 15 2013, 05:16 PM   #20
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Re: HMV to go into administration

Well didn't GAME enter administration? They still have stores dotted around.
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Old January 15 2013, 05:18 PM   #21
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Re: HMV to go into administration

Yep, HMV might close a majpority of it's stores and become a more oonline retailer.
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Old January 15 2013, 05:22 PM   #22
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Re: HMV to go into administration

Well, if my town can hold onto a GAME store I'm reasonably confident it can sustain a HMV. I hope so anyway, for all those I know who work there.
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Old January 15 2013, 05:26 PM   #23
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Re: HMV to go into administration

didn't game go bankrupt? and there's still two of them in the middle of plymouth. so who knows whether hmv will disappear or not.
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Old January 15 2013, 05:48 PM   #24
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Re: HMV to go into administration

Starkers wrote: View Post
I also wonder if they didn't get a bit big for their boots during the good times. It's only a couple of years ago that there were three HMV stores in Nottingham, plus FOPP once they bought its store in Nottingham as well. I thought it was madness at the time. They stripped down to one store and FOPP but too late I think.

It is sad though. will there be much of a Highstreet left soon?
A couple of years ago they had five within about 10 miles of me. One was only open for Christmas though.

I always felt HMV was overly priced compared to some of the other shops but at the same time I think it's a shame if it does end up going completely.
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Old January 15 2013, 08:46 PM   #25
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Re: HMV to go into administration

This is sad news for me as I have several friends working in HMV who are going to lose their jobs. Having had the company for which I worked go into administration last year, I know how they must feel.
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Old January 15 2013, 08:51 PM   #26
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Re: HMV to go into administration

I feel for the employees and their families. I'll be sad to see our local HMV closed, though to be honest it's been poorly stocked for the past few years. At least, it often didn't stock what my husband or I were looking for. I wonder if the need to diversify into console games and such took away too much space from the music and DVDs, keeping the selections limited.

What bites, though, is that while stores are still open, gift vouchers/cards will not be honoured. I'm surprised that's legal.
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Old January 15 2013, 09:25 PM   #27
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Re: HMV to go into administration

As has been said, administration doesn't mean they'll go out of business. GAME is proof of that, as is Peacocks where my niece works. They'll just strip out the less profitable stores.

As for vouchers, they were saying earlier that it'd been the same with another big store, but after a while they relented and accepted them, so hopefully they'll do the same here.
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Old January 16 2013, 05:08 PM   #28
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Re: HMV to go into administration

stoneroses wrote: View Post
Amazon who are based in Ireland and jersey to keep taxes low mean high street stores cannot compete.
Amazon's EU operation is based in Luxembourg, all they have in Ireland is a data-centre type of operation. Amazon's service in Ireland is actually quite poor compared to the UK's; don't offer free shipping, longer delivery times, unable to purchase MP3s or apps... but it's still cheaper and more convenient than HMV. If HMV can't compete with a second-rate service, it's not hard to see why they're going out of business.
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Old January 16 2013, 08:20 PM   #29
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Re: HMV to go into administration

Just read Blockbusters is going as well.
Can't say I'm surprised on that one.
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Old January 16 2013, 08:41 PM   #30
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Re: HMV to go into administration

macloudt wrote: View Post
What bites, though, is that while stores are still open, gift vouchers/cards will not be honoured. I'm surprised that's legal.
As I understand it, it is because you are not a customer (if you were, you would be covered by all sorts of consumer protecting legislation), you are the holder of a promissory note and therefore a creditor.

In insolvencies, the assets are sold off and the proceeds distributed between the creditors. Some categories of creditors get priority. Holders of gift cards come way down the pecking order, so often get nothing back.
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