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HMV go into Administration

Scott said:
Tim said:
Ours shifted site a while back; I think it was for renovation but obviously it won't be returning now.
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Slightly off topic but: yours moved into the old habitat shop near the Grafton which obviously was vacated when they went bust. It's actually a much bigger, nicer and airier space and is a really nice shop. Plus it randomly sells coffee... The old HMV space has become a jewellers I think.
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I thought that one opened up quite a long time before the other closed down? Either that or I imagined it was there before. I lost track of when things happened while away at Uni. I agree it was a nicer space.
 
Looks like HMV will now be accepting gift vouchers.

HMV will accept gift vouchers

The administrators of HMV have said that the music and DVD retailer will start accepting gift vouchers in stores from Tuesday.

Deloitte had previously said that gift cards could not be redeemed in stores, leading to anger among many customers.

Deloitte said it was able to honour the vouchers after assessing HMV's financial position.

Meanwhile restructuring specialist Hilco has emerged as the frontrunner to save HMV, reports say.

An industry consortium of music labels and film studios, including Universal Music and Sony, are believed to favour Hilco, according to newspaper reports.

Hilco bought out HMV Canada from parent HMV group in 2011 for £2m.

Deloitte, HMV's administrator, has said there are 50 separate groups or individuals who have expressed an interest in buying all, or part of HMV.

If Hilco is successful with its bid, the suppliers are believed to be willing to give HMV stores generous credit terms.

In Canada, Hilco said the support of HMV's key suppliers had been of "critical importance" to the business's performance.

HMV has 223 UK stores in total, and a workforce of about 4,000.

The music, DVD and games retailer went into administration last Tuesday.

HMV's administration came after the firm failed in recent years to cope with increasing competition from online rivals, supermarkets, and illegal music and film downloads

Hilco was not immediately available to comment.
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Source

The fact that they're going to accept gift vouchers is a surprise, but I'm sure it'll be welcomed by a lot of people.
 
And that Hilco is in the running.

Maybe we won't see the disappearance of hmv, or store shrinkage as large as most imagined.

Can only be good news!
 
thefatone said:
And that Hilco is in the running.

Maybe we won't see the disappearance of hmv, or store shrinkage as large as most imagined.

Can only be good news!
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Only good news if they also supply air conditioning.
 
Good News.

My parents went into the Stafford branch on Sunday, spent £40 and said it was packed!
 
thefatone said:
And that Hilco is in the running.

Maybe we won't see the disappearance of hmv, or store shrinkage as large as most imagined.

Can only be good news!
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Hopefully it will be saved, really like HMV as a company :)
 
While I'll like to say I like HMV, (i do) I did spend most of my day listening to music downloaded from amazon mp3, playing mass effect 2 downloaded on steam and now just about to head off to sleep reading lord of the rings on my kindle.

Welcome to the digital age! ;)
 
Awesome stuff!

I must say, I've been in HMV a few times over the last couple of weeks and its been packed!
 
Glad to hear HMV have been bought out by a firm with experience in the sector.
Hopefully the crisis will have reminded the British public of how important HMV is to the high street.
 
Interesting news from the BBC. Hilco, the company which have pretty much bought HMV, are apparently in talks to buy the Jessops brand.

Source

It's certainly interesting news, and another positive sign for the high street. :)
 
Don't hold your breath. Hilco appear to be asset strippers. Just look at their portfolio: Somerfield, Habitat, Woolworths, Borders...
 
EuroSatch said:
Don't hold your breath. Hilco appear to be asset strippers. Just look at their portfolio: Somerfield, Habitat, Woolworths, Borders...
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They do own HMV Canada though, which must surely account for something?
 
HMV could go down that route.. but judging that they own canada company and they're turning it around (as they are also restructure specialists) it would make sense for them to do the same in the UK.

Reading into it - majority, if not all, of the ones which went bust they were working as agents for the administrators on a operational basis. They are predominantly a restructuring company, so therefore would run and turn the businesses into profit (whereas asset strippers tend to work on already successful businesses)
 
The difference with this in comparison with some of those other companies is that the record companies and movie studios are behind this bid by Hilco. I highly doubt they would let them strip HMV down until nothing is left...

The Jessops thing is interesting... It could be integrated into HMV somehow, or it is simply being bought because they think they can make a profitable website.
 
Stores to close

A shame, but a necessary exercise to ensure survival. Hopefully they'll do what a lot of Game stores did and close them until they've found their feet again and then re-open.
 
Further to the above and for anyone bothered, a list of the stores closing has been released:

Ashton-under-Lyne, Ballymena, Barnsley, Bayswater, Belfast Boucher Road, Belfast Forestside, Bexleyheath, Birkenhead, Birmingham Fort, Blackburn, Boston, Bournemouth Castlepoint, Bracknell, Burton-upon-Trent, Camberley, Chesterfield, Coleraine, Craigavon, Croydon Centrale, Derry, Dumfries, Durham, Edinburgh Fort, Edinburgh Gyle Centre, Edinburgh Ocean, Edinburgh Princes Street, Edinburgh St James, Falkirk, Fulham, Glasgow – Fort, Glasgow – Silverburn, Glasgow Braehead, Huddersfield, Kirkcaldy, Leamington Spa, Leeds White Rose, Lisburn, Loughborough, Luton, Manchester 90, Moorgate, Newry, Newtonabbey, Orpington, Rochdale, S<censored>horpe, South Shields, Speke Park, St Albans, St Helens, Stockton-on-Tees, Tamworth, Teesside, Telford, Trocadero, Wakefield, Walsall, Walton-on-Thames, Wandsworth, Warrington, Watford, Wellingborough, Wigan, Wood Green, Workington, Wrexham
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I don't really think there are any surprises on here to be honest, I'm glad no stores local to me are closing. I was very surprised not to see the Lincoln and Scarborough stores on here, but these are both towns with large student bases, so that could be the reason as to why they're not closing.

HMV Store Closures Confirmed; 66 Shops Shuttered, 930 Staff Made Redundant

Just seen they had FIVE stores in Edinburgh and THREE in Glasgow. I don't really understand businesses that have this model of opening multiple shops in the same town or city. It's no wonder that a lot of them inevitably do bad.

Also, big LOL at the Scunny' being censored for the C word in it :D
 
Amazed we're keeping both of ours in Norwich but then they were both always dead busy before and after the administration announcement!

A shame the one in Kirkcaldy has closed. It's where my Scottish family lives and with that and their Game closing it leaves me with nothing to do while other people are looking round the shops xD

Edit: further to the above - are they keeping ANY stores in Scotland? That seems like every store in Edinburgh will close... The Princes St one being like a flagship style store :/

Sent from my iPhone using Tapatalk.
 
Meadowhell one staying? Still probs wont go it :p

There really is that many mistakes in my posts?! Damn this Tapatalk milarky! :)
 
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