HMV woes

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Srcr. Maligree
 
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Re: HMV woes

Postby Srcr. Maligree » Mon Jan 14, 2013 8:43 pm

Tomorrow, supposedly, fucked.
Various outlets breaking news that they're heading to the Administrators tomorrow.
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Nethlyn
 
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Re: HMV woes

Postby Nethlyn » Mon Jan 14, 2013 8:44 pm

http://news.sky.com/story/1038002/hmv-p ... nistrators

MCV version of this story refuses to load. GAME's administration will be remembered as the one where gift cards came back from the dead, no such luck for HMV.

I think the banks and the record labels giving them money means it won't be administration tomorrow - or at least the banks won't pull the plug as with Jessops - but now they're going to be forced to get on with closing stores like they should've done five years ago and won't really have a choice of where, and the six Fopps aren't safely re-spun off yet.

Problem is without a solid announcement then people won't trust internet orders to arrive so the current sale might not help them. At least MoneySavingExpert's Twitter feed is full of warnings to get vouchers used up and the same for any PureHMV card points, three free MP3s are 8000 points so cut your losses and spend as many as you can before midnight.
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Re: HMV woes

Postby Achtung Englander » Mon Jan 14, 2013 9:39 pm

I am not fucking surprised. I read their accounts from 2011. There Cost Of Sales is 93%.

93% !!!!. That is excluding salaries, rates, utilities, fixtures and fittings. No business should have COS above 50%. What a joke. They bought literally everything and stacked them up high and devalued the entire stock
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Re: HMV woes

Postby brightroar » Mon Jan 14, 2013 10:25 pm


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Mantis
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Re: HMV woes

Postby Mantis » Mon Jan 14, 2013 10:34 pm

Man, I know all these stores are over priced and struggling to find a way to catch up with the times and compete with the internet. But it's still pretty depressing how so many places are shutting up shop. When you walk around the shopping malls and city centre in Nottingham now there's almost as many empty buildings as there are shops. Or worse, a business closes down and a pound shop opens up in its place.

Another year and there'll be no point in going into the town to do any shopping at all any more.

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Lee
 
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Re: HMV woes

Postby Lee » Mon Jan 14, 2013 10:52 pm

Formerly MrAnnoyed

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Solidarity Reg
 
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Re: HMV woes

Postby Solidarity Reg » Mon Jan 14, 2013 11:44 pm

Thing is, it's difficult to blame "the internet" when they were selling blu-rays for £22 a pop. People aren't going to just allow themselves to get ripped off like that all the time. No one was clearly thinking outside the box, or even long-term for that matter.

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Mantis
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Re: HMV woes

Postby Mantis » Mon Jan 14, 2013 11:53 pm

Was that directed at me? Because I completely agree with you, that's why I said they were over priced. Clearly the internet isn't the sole contributor to the high streets problems.
Last edited by Mantis on Tue Jan 15, 2013 12:19 am, edited 1 time in total.

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Nethlyn
 
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Re: HMV woes

Postby Nethlyn » Tue Jan 15, 2013 12:16 am

We'll read all manner of post mortems but waiting until late 2011 to have the same prices in store as online and wasting money relaunching the loyalty scheme where you didn't get anything decent until you spent £100 are two of many large nails in the coffin.
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Re: HMV woes

Postby Wrathbone » Tue Jan 15, 2013 7:45 am

HMV is the last highstreet shop remaining that I can happily go and browse around for ages. When it's gone, there will be bugger all left of interest to me in terms of going into a town centre. I regularly go into HMV on a lunchtime to pick some impulse-buy cheap DVDs - looks like that pastime is scuppered.

RIP the highstreet.
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Tank
 
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Re: HMV woes

Postby Tank » Tue Jan 15, 2013 10:03 am

A lot friends (or as of this morning "cunts") on my FB have been celebrating this collapse asking "when does the sale start".

4000 odd people potentially jobless. Nice.
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Nethlyn
 
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Re: HMV woes

Postby Nethlyn » Tue Jan 15, 2013 10:45 am

The answer is it started around five days ago, if they'd put up a sale with 25% off across the store before Christmas we'd have heard about it and they'd still be in business today.
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Raid
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Re: HMV woes

Postby Raid » Tue Jan 15, 2013 1:41 pm

The BBC's Robert Peston postulates that going into administration could be a good thing for HMV. They're one of the few big DVD and Music retailers left on the highstreet, and they're an important outlet for record labels and film publishers, who won't want to see their business shifting to an online-only model. He thinks a stripped-down business would invite cheaper lines of credit from these companies and allow HMV to continue operating, albeit with significant changes.

I can't imagine it's great news for the 4000 employees though. They'll already be putting up with thousands of people whose christmas vouchers from grandma are now worthless.

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Re: HMV woes

Postby Edam » Tue Jan 15, 2013 2:24 pm

Went in today, it was full of smelly scum.

That aside: it's pretty much the only place to buy DVDs on the high street. Went in to get the Poirot boxset and they didn't have it. I was genuinely stumped on where to go next. Supermarkets were fruitless and WHSMith just meant I was desperate. Time was I'd pop into Virgin Megastores or something. If HMV goes, honestly, where do we go? I can't be doing with deliveries, being out, going to the post office and picking it up. Such a hassle.

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Bev
 
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Re: HMV woes

Postby Bev » Tue Jan 15, 2013 4:29 pm

Edam wrote:If HMV goes, honestly, where do we go?


CEX, if you can face the hordes of scum.
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