We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
Contact Forum Editor

Send an email to our Forum Editor:


PLEASE NOTE: Your name is used only to let the Forum Editor know who sent the message. Both your name and email address will not be used for any other purpose.

Speakers Corner


It's free to register, to post a question or to start / join a discussion


 

HMV Administration


Al94
Resolved

Likes # 0

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.

Like this post
Al94

Likes # 0

Link didn't work, try this http://tinyurl.com/aqmlr72

Like this post
Quickbeam

Likes # 0

Which is why people that put money into a companies coffers without receiving the goods in the immediate short term, should have some default creditors protection in law.

Like this post
Quickbeam

Likes # 0

30 days protection would probably be an acceptable compromise to all parties.

That would protect customers from the Christmas peak voucher sales period into the most likely period that retailers seem to go bust. It would give directors a legal way of still being able to sell the vouchers without being accused of fraudulent trading. And the major creditors still get a reasonable chance of getting more of their money back if the company can trade a little longer without an administration scare frightening customers away at the drop of a hat.

In my experience most young people cash their vouchers in pretty quickly.

Like this post
namtas

Likes # 0

There was also the feeling that although the sales of them were still made until the eleventh hour so as not to announce to the world an imminent company collapse, and that technically it is fraudulent trading as the directors knew they would not be honoured.

The practise is rife but not just with fairly low value vouchers, in the past it has been alleged that Airlines have taken deposits right up until the 11th hour and I am aware personally of one major furniture chain who continued taken orders with deposit up until the administration announcement.

Like this post
spuds

Likes # 0

I have often stated that the administration laws in this country mount to the point of a joke on quite a number of issues.

The problem is as stated by the person in the link who took action upon himself in regards to 'paid for vouchers'. People tend to get convinced that there is nothing they can do, except perhaps break the law, by stealing things them self (taking goods without accepted payment).

Over the past few years, there have been a number of increased incidents regarding not honouring vouchers, credit notes, tokens, promises and that included once well known high street traders, doing exactly the same thing.

The other point to consider, is that some of these companies (big or small) are very deep in debt, and the director's may well know this. Yet they will still make and take decisions that may benefit them self, and not the customer. And the law allows them to do this.

If HMV do cease to trade completely, because a buyer cannot be supposedly found, who will pick up the previous wage bill, or even the settlement of any redundancy payments, I suppose that will fall on the taxpayer. I appreciate that some companies pay an awful lot of tax, but others seem to get away with paying very little, compared to the profits that can and are being made in some form or manner?.

Like this post
john bunyan

Likes # 0

We have given vouchers in the past, as somehow, irrationally in some ways , they seemed more personal than a cheque. We gave vouchers for Threshers to a wine lover, but we lost out and sent a cheque instead when they went bust. We did, cautiously, send Waterstones vouchers to a book lover this last Christmas.In view of Jessops, Threshers,HMV I think we will adopt the cheque route in future, even if it seems less personal in some ways.

Like this post
Armchair

Likes # 0

All I know is that I definitely won't be buying anything from any HMV store until they allow me to use my remaining credit.

Like this post
SillBill

Likes # 0

Local Tesco STILL had HMV gift vouchers on display yesterday at the same time as police were called to the local HMV store to prevent furious punters venting their anger at staff who were refusing to accept any vouchers!

Like this post
Noldi

Likes # 0

That's a couple of my Xmas presents gone.

Like this post
Quickbeam

Likes # 0

john bunyan

You're quite right about your reasoning of a specific voucher being more personal, it also ensures that that is what is bought.

When I was a young 'un, if I was given a book token, I obviously bought a book with it, when other aunties gave me a ten bob note to buy books, I spent it in the sweet shop!

And likewise with adults, a cheque paid into an adult's account can very easily end up paying the gas bill or worse still, paying off the credit card balance of the present you received from the same person!

Like this post

Reply to this topic

This thread has been locked.



IDG UK Sites

EE brings 4G LTE to Cornwall and a total of 21 new towns

IDG UK Sites

iOS 8 review: Hands on with the iOS 8 beta

IDG UK Sites

5 things Android Wear *can't* do: Smartwatch OS is great but not flawless

IDG UK Sites

Sharknado 2 VFX: how The Asylum created CG flying man-eating sharks