HMV in administration - hope you've no vouchers!

[Dan B]

The only reason I managed to find anything to buy from HMV was because of the really low prices

Must admit, I went into their Moorgate branch last week and was quite surprised to find their CD selection so poor. Top 40 and not much else, I've seen a better range in Tesco

 

[Aperitif]

It's no surprise to us in the industry.
Very badly run company.

You could CD writing on the wall?

 

[phil_hg_uk]

Must admit, I went into their Moorgate branch last week and was quite surprised to find their CD selection so poor. Top 40 and not much else, I've seen a better range in Tesco

I managed to find 5 cd's I wanted out of 85 pages worth on the website. But it was all really cheap like £3 - £5 per cd I thought why not, as long as they have sent it out like they say in the email I should get all but 1 cd of the order as 1 is out of stock so I might lose that money.

 

[vernon]

Thats all thats in paisley oh and bookies and turkish bloody barbers

Are they a bit careless with their cuts?

 

[vernon]

Kwik Fit are another business that's going under...the staff are tyred, exhausted and near to braking point...

They are clutching at straws if they think that they're going to survive.

 

[DCLane]

Not sure about Kwik Fit - they're owned by Itochu, who also own the major tyre distributor Stapleton's.

WH Smith will be around for the next month I hope at least.

 

[ianrauk]

The HMV Group has confirmed that its shares are being suspended from the London Stock Exchange with immediate effect as it files for administration.
Once it enters administration, the company will continue to trade, it said tonight.
A company statement sent to Music Week minutes ago can be read below:
On 13 December 2012, [HMV] announced that as a result of current market trading conditions, the Company faced material uncertainties and that it was probable that the Group would not comply with its banking covenants at the end of January 2013. The Company also stated that it was in discussions with its banks.

Since that date, the Company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach. However, the Board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the Company and certain of its subsidiaries with immediate effect.
The Directors of the Company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.
It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the Company and certain of its subsidiaries.

The Company's ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect.

 

[ianrauk]

This is also bad news for the 9 Fopp stores which are owned by HMV.

 

[on the road]

Small dog.
Free to good home. Likes listening to music.
Bit mutton.

Loves listening to His Masters Voice.

 

[StuAff]

This is also bad news for the 9 Fopp stores which are owned by HMV.

Those poor buggers get to go through it again....

 

[BigonaBianchi]

when all thehigh street shops disappear we'll all be living in glass fronted converted flats

 

[threebikesmcginty]

£4

 

[Andrew_Culture]

The HMV Group has confirmed that its shares are being suspended from the London Stock Exchange with immediate effect as it files for administration.
Once it enters administration, the company will continue to trade, it said tonight.
A company statement sent to Music Week minutes ago can be read below:
On 13 December 2012, [HMV] announced that as a result of current market trading conditions, the Company faced material uncertainties and that it was probable that the Group would not comply with its banking covenants at the end of January 2013. The Company also stated that it was in discussions with its banks.

Since that date, the Company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach. However, the Board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the Company and certain of its subsidiaries with immediate effect.
The Directors of the Company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.
It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the Company and certain of its subsidiaries.

The Company's ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect.

Again? The poor sods only just sold Waterstones to try and stay afloat.

I have some really good friends who rely on HMV to put food on the table.

But them again HMV put my itty bitty record label out of business by returning a ton of CDs they'd bought off me.

 

[slowmotion]

Bloody shame. Soon the shops in the high street will be charity shops, estate agents and building societies.

I'm not so sure about building societies, or high street banks for that matter. Electronic money transfer technology for Joe Public has improved vastly in the last couple of years. You can do it on your home computer. Why trek to the High Street? It might be an enjoyable social interaction, but it is totally unnecessary if you are not a "shopper".

 

[MissTillyFlop]

Bloody shame. Soon the shops in the high street will be charity shops, estate agents and building societies.

Hey, lay off the charity shops, most of my wardrobe is from them!