February 12, 201312 yr HMV has quit the Republic of Ireland entirely after failing to find a buyer for its stores there. The music chain had 16 stores and 300 staff in Ireland, but the shops were put into receivership and its staff temporarily laid off last month when the company went into administration. The company's management had asked that its outlets in Ireland be immediately closed down and sold off. But today (February 12) HMV confirmed that all attempts to find a buyer had been unsuccessful. "Since his appointment, the receiver has conducted an assessment of the viability of the company and has actively sought a sale," a statement to the Irish Examiner reads. "The marketplace is very difficult given competition from web-based retailers and digital downloads, compounded by a number of other factors including high levels of rent. "All stores were loss-making and it was not possible to attract a purchaser." Shops at two shops in Limmerick had seen angry staff stage sit-in protests over unpaid wages from the stores.
February 13, 201312 yr Has anyone noticed the holding page on the website has been updated, instead of just being a picture of the administration notice in the corner, they've changed it to some text in the center saying the company is administration (but not being anywhere near the full notice). There is now a link to sign up for a newsletter so you can find out what is going on. The website also redirects from hmv.com to hmv-news.co.uk Edited February 13, 201312 yr by Martyn
February 20, 201312 yr Oh no. :( Have they announced which ones yet? from Sky News "The latest 37 HMV stores identified for closure are: Ashford, Basildon, Bolton, Cheltenham, East Kilbride, Enfield, Folkestone, Glasgow Argyle, Gloucester, Grimsby, Hatfield Galleria, Heathrow T5 Departure Level, Heathrow Terminal 1, Heathrow Terminal 3, Heathrow Terminal 4, Hemel Hempstead, High Wycombe, Isle of Wight, Lancaster, Leadenhall, Mansfield, Middlesbrough, Newbury, Newcastle Silverlink, Newport, Nuneaton, Redditch, Salisbury, Scarborough, Southport, Stafford, Staines, Stockport, Swindon, Taunton, Torquay, Woking." http://news.sky.com/story/1054609/hmv-to-c...th-464-jobs-cut
February 20, 201312 yr I'm surprised that all the Heathrow stores are closing giving that they have a captive market and are quite small Are there any left in central London (zone 1), other than Oxford Street? Leadenhall, Trocadero, Moorgate are all closing down. Kings Road closed ages ago. Actually, I guess the ones in the 2 Westfields are still open and the one in Canary Wharf Edited February 20, 201312 yr by iain
February 20, 201312 yr http://www.theweek.co.uk/business/51602/hm...ken-music-chain Someone how I don't think this would work long-term! Artists would get sick of doing it after a while... But I suppose anything to help keep it open is good I guess!
February 20, 201312 yr I'm surprised that all the Heathrow stores are closing giving that they have a captive market and are quite small I would imagine that the Rent is exceedingly high though and I can't imagine that it does that much business.
February 20, 201312 yr Southampton... You are SAFE :D The Southampton one has always been busy whenever I've been in there.
March 12, 201312 yr Things have taken an interesting turn today. From The Grauniad: Supermarket group Asda is eyeing up a possible bid for failed music chain HMV as the first wave of stores prepare to shut down. HMV collapsed into administration in January with more than 1,500 staff losing their jobs and a further 1,500 in the balance. It is understood Asda has held talks with administrators from Deloitte about saving the brand rather than just converting the sites into convenience stores like Morrisons, which snapped up six sites to turn into its M local stores. More than 100 stores across the country are set for closure in the next few weeks, with administrators keen to find a solution before the end of the month when the next rent payment is due. Asda has little presence in the convenience store market, which is dominated by Tesco and Sainsbury's. However, it may be looking at any potential offer as an opportunity to expand. HMV, which has debts of £170m, suffered poor Christmas sales following years of decline. There was some hope for the company's future after a temporary deal was struck with film studios and music labels to ensure new releases, such as the James Bond film Skyfall and Madagascar 3, continued to flow to its stores. Negotiations with specialist investor Hilco continue after it acquired the secured debts from Royal Bank of Scotland and Lloyds Banking Group. The company had already bought HMV Canada in 2011 and has built relationships with several distributors. Asda and Deloitte declined to comment.
March 13, 201312 yr more closures in the next few weeks? :( They're talking about the closures already mentioned in the list before not new ones...
March 18, 201312 yr HMV had debt of £347m at collapse, Deloitte to sell before March 25 - report Source: MW by Tina Hart Deloitte has revealed that struggling retailer HMV owed £347m of debt when it announced it was going into administration in January this year. It is also looking to sell the business before quarterly rent is due on March 25. The Telegraph reports that new documents have brought to light the extent of the company’s financial woes, adding to the previously reported unpaid tax number of £20m and total debt of £182.3m owed in the six months to the end of October 2012. The new amount is said to include £237m owed to unsecured creditors and its last half-year loss was equal to that of the entire previous year. Retail restructuring group Hilco, which has taken control of HMV’s secured debt of £110.3m, is likely to be making a formal offer for the company, with recent reports suggesting it has been in talks to buy 130 HMV stores in a £50m deal. As Deloitte works to sell HMV before its multi-million-pound rent bill is due later this month, The Sunday Times reports that there have been 50 expressions of interest from potential buyers, including Asda.
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