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Speakers Corner


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HMV Administration


Al94
Resolved

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Been predicted for a while but looks likely tomorrow http://www.ft.com/cms/s/0/c4096aee-5e82-11e2-a771-00144feab49a.html#axzz2Hz53czjx More imminent store closures and job losses.

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spuds

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I gave reference to David Adams in the Jessops post, that's being aired in Speakers Corner at present. He was the former executive chairman of Jessops who about six months ago made an offer to HSBC, because he wanted to take over Jessops again.

David Adams is a non-executive director of both Halfords and HMV.

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Forum Editor

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Being serious for a moment....

The HMV story is one that has become increasingly familiar of late. The company is wallowing in debt, and in December was unable to honour an agreement that it had made with its bankers.

Appeals to suppliers - notably music and film companies - refused to continue to support the business so it could continue to trade. There was no other option but to suspend share trading, and call in an administrator.

As a market analyst said "In the digital era, where 73.4% of music and film are downloaded, HMV's business model has simply become increasingly irrelevant and unsustainable."

There will certainly be other casualties as companies struggle to come to terms with changes in the way people are spending (or not spending) their disposable income.

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Forum Editor

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SillBill

Stop grasping at straws,you're making it worse.

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SillBill

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Well Halfords, at least, is not a HiTec company, or....?

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SillBill

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Forum Editor

So you can be sarcastic, I think we know that.

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Forum Editor

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I'm sure that someone will pick up the HMV brand, but it will not be used on retail stores that sell CDs and DVDs - there's no longer any mileage in that business model.

Perhaps a new online business will rise from the ashes - time will tell.

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kad60

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So,basically,the internet rules.!! We are all complicit in the demise of the 'high street' or shopping in the 'tradionalist' sense,people will still engage in the pastime but actual sales may deminash whilst 'online' sales will increase.

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Forum Editor

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kad60

"We are all complicit in the demise of the 'high street' or shopping in the 'tradionalist' sense"

That's about it in a nutshell.

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Quickbeam

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It's only a matter of time now until one of the major book sellers folds. Most forum members are now downloading their books.

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Quickbeam

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I just found these two YYs outside, I think SillBill may have mislaid them...

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