I did say that the problems are very different, but I'm just saying that Hilco aren't the 100% guarantee of a company's survival! It probably will work out for HMV in the end (albeit with major streamlining), but it wouldn't be wise to get overly excited about Hilco's involvement just yet. It is good that a company has stepped in, we've just got to hope their heart is in making the company a success rather than deciding to sell off as much as they can as quickly as they can.

 

With regards to Woolworths, many former Woolworths stores were reoccupied by companies that are rather similar to Woolworths anyway (Poundland, B&M Bargains etc), so I do think Woolworths could have had a future (if it hadn't had so much debt!), just with less departments and more competitive prices.

I did say that the problems are very different, but I'm just saying that Hilco aren't the 100% guarantee of a company's survival! It probably will work out for HMV in the end (albeit with major streamlining), but it wouldn't be wise to get overly excited about Hilco's involvement just yet. It is good that a company has stepped in, we've just got to hope their heart is in making the company a success rather than deciding to sell off as much as they can as quickly as they can.

 

With regards to Woolworths, many former Woolworths stores were reoccupied by companies that are rather similar to Woolworths anyway (Poundland, B&M Bargains etc), so I do think Woolworths could have had a future (if it hadn't had so much debt!), just with less departments and more competitive prices.

That was Woolies' biggest problem. They tried to do too much and, in all honesty, they didn't do anything particularly well. Lots of people had fond memories of Woolies but hadn't actually bought anythig there for a long time. It's interesting that some people have tried to make a go of the pick 'n' mix idea that so many people associate with Woolies. Running a business based on that - and in suitably small premises - might just work as a small business.

I did say that the problems are very different, but I'm just saying that Hilco aren't the 100% guarantee of a company's survival! It probably will work out for HMV in the end (albeit with major streamlining), but it wouldn't be wise to get overly excited about Hilco's involvement just yet. It is good that a company has stepped in, we've just got to hope their heart is in making the company a success rather than deciding to sell off as much as they can as quickly as they can.

 

With regards to Woolworths, many former Woolworths stores were reoccupied by companies that are rather similar to Woolworths anyway (Poundland, B&M Bargains etc), so I do think Woolworths could have had a future (if it hadn't had so much debt!), just with less departments and more competitive prices.

 

I think that Hilco getting involved with HMV is different from the Woolies situation - For a start Hilco have paid £40 million to clear the companies debts - With hardly any assets left to strip out of HMV im not sure they would see a return on investment with £7 million pounds worth of gift cards in circulation and being used to snap up stock and a 75% off 'closing down sale' pricing items at £2 would hardly see the money come rolling in. I could be totally wrong of course but reading the trading statements on the Hilco website for HMV Canada it seems they are at least interested in the brand, have a good idea of how to run the business and have good supplier contacts.

I think that Hilco getting involved with HMV is different from the Woolies situation - For a start Hilco have paid £40 million to clear the companies debts - With hardly any assets left to strip out of HMV im not sure they would see a return on investment with £7 million pounds worth of gift cards in circulation and being used to snap up stock and a 75% off 'closing down sale' pricing items at £2 would hardly see the money come rolling in. I could be totally wrong of course but reading the trading statements on the Hilco website for HMV Canada it seems they are at least interested in the brand, have a good idea of how to run the business and have good supplier contacts.

 

It all definitely sounds far more positive than Woolworths, it's just I have the memory of us being promised a positive outcome at Woolworths and it didn't end as we thought it would. It's a once bitten, twice shy kind of thing. I really hope they do sort the company out for the better though as it would be a huge shame to lose HMV in the UK & Ireland.

I was interested to see that some of the top 10 cds in Tescos were £11 when I looked last week. The days of low cost supermarket music seem to be coming to an end

 

That will just drive ever more people to download albums, legally, or otherwise. You increase your market share by *competing* with your rivals, not 'hoping they'll collapse and have no choice but to come to you'.

The store I work at is now seriously depleted of CD stock after people have been using their gift vouchers - Also we have none of the big chart albums in stock such as Emeli Sande, Jake Bugg, Calvin Harris, Rihanna etc, so I think sales this week could be poor at the top end of the charts but the market might get a boost from all the back catalogue titles that have been sold.

The store I work at is now seriously depleted of CD stock after people have been using their gift vouchers - Also we have none of the big chart albums in stock such as Emeli Sande, Jake Bugg, Calvin Harris, Rihanna etc, so I think sales this week could be poor at the top end of the charts but the market might get a boost from all the back catalogue titles that have been sold.

 

Yep... I was thinking all of the above, and Biffy Clyro's new album is released next week, I wonder how the album will do.

Good news that it looks like HMV is saved. I used to order online some physical albums. There were some good offers, plus there are a lot of albums you can't buy in Hungary :D

Managed to use my voucher today :D Notably there were no albums in the New Releases section, though they did have Everything Everything and Villagers from last week..

 

Lots of bile from consumers directed at Amazon saying they don't even bloody pay tax and now they are threatening big companies like HMV, lots of support for HMV and the store looked very busy which is obviously good news!

Let's say I am inhaling an air of cautious optimism, given Deloitte and Hilco's past venture. But the fact that Hilco has done magic for HMV Canada should be a positive light at the end of still a long tunnel.

I personally think HMV had its day many years ago. Anyone trying to save it will fail and lose a lot of money in doing so. Yes its a shame but thats business today. We are living in troubled times and there are going to have to be many more closures of zombie shops and businesses before we get out of this mess. Bit of a shame but that reality. Online is the future.

 

So far all the BoE and government are doing is prolonging the agony by stupid forced lending to via banks (FFL scheme using OUR money!) to businesses which really should have never started up or are beyond saving. Same goes for mortgage lending on overpriced houses trying to prop them up again with taxpayers money stolen from the prudent who did not create this mess.

 

Inflation 3%. Interest rate 0.5%, absolutely crazy plus devaluation of the pound. Idiots and so far none of the parties gets it.

Edited January 26, 201312 yr by galaxy

The official HMV twitter account got taken over a short time ago by Head Office staff getting sacked - Over 160 have been made redundant from head office and distribution :-( It feels like the beginning of the end.

I personally think HMV had its day many years ago. Anyone trying to save it will fail and lose a lot of money in doing so. Yes its a shame but thats business today. We are living in troubled times and there are going to have to be many more closures of zombie shops and businesses before we get out of this mess. Bit of a shame but that reality. Online is the future.

 

So far all the BoE and

 

IMO there will remain a market for physical music formats for a long time to come - the Xmas market proves *that*, not to mention someone named Adele... :)

 

Including HMV, there are still 3 record shops I know here in Cheltenham (not counting supermarkets).

Official announcement of the first set of store closures due next week...

I really hope that the Guildford store doesn't close down! :( It probably will close down though.

I really hope that the Guildford store doesn't close down! :( It probably will close down though.

 

It's been announced that Tesco, Asda, Morrisons, Sainsbury's, Arcadia Group and Iceland have all put in bids for stores and there is massive interest in the Oxford Street store :nocheer: It will all come down to the fact if the administrators can earn more money out of selling the store leases rather than keeping them as HMV stores.

Official announcement of the first set of store closures due next week...

 

:(

Aww no. :( Really hope the Staines one stays, it's a decent size store and there's normally quite a few people there.

HMV's administrators are reportedly planning to shut up to 100 of the music chain's shops as part of plans to restructure the business.

 

Deloitte is set to announce the closure of between 60 and 100 shops this week, which could see 1,500 jobs axed, according to The Sunday Telegraph.

 

But under the plans, which would leave HMV with between 120 and 160 shops, the doors would not be closed until the stores have run out of stock.

 

HMV went into administration last month, putting more than 4,120 jobs and 223 stores at risk, but hopes of a rescue deal have been raised after restructuring firm Hilco - the group behind HMV Canada - bought the company's debt.

 

It is thought that Hilco was planning to begin negotiations with suppliers and HMV's landlords last week as part of a plan to salvage the group.

 

Hilco reportedly wants to rescue about half of the stores in the UK as it looks to repeat the strategy that has seen it turn around HMV's Canadian arm, which it bought in 2011.

 

Deloitte declined to comment.

 

HMV's administrators are reportedly planning to shut up to 100 of the music chain's shops as part of plans to restructure the business.

 

Deloitte is set to announce the closure of between 60 and 100 shops this week, which could see 1,500 jobs axed, according to The Sunday Telegraph.

 

But under the plans, which would leave HMV with between 120 and 160 shops, the doors would not be closed until the stores have run out of stock.

 

Given the unwanted crap stock they seem to carry, that could take a long time... :rolleyes:

 

I hope ours (Cheltenham) survives - it is apparently one of the bigger ones.