First Woolworths, then Zavvi, Blacks, Jessops now HMV...Its happening!!!
The changing high street » Spectator BlogsBricks and mortar retailers simply can’t compete with the likes of online giants like Amazon and iTunes. Indeed, Amazon is now exploring ways to offer same day delivery as standard, a move that will surely see off the likes of Waterstones, WH Smith, and many more.
A report by PWC and the Local Data Company shows that store closures averaged 20 per day last year. The key losers have been toy shops, clothes shops, jewellers, card shops and furniture stores. Meanwhile, convenience food stores, charity shops, pawnbrokers, betting stores, and (worryingly) payday loans companies, are all thriving.
Voucher holders are unsecured creditors, they come last in the debt list. But if you think you are worried over £40 of gift vouchers, imagine the panic running through shareholders.
They should have closed up shop when Blockbuster USA went bankrupt in 2010.
It seems that most people are quite happy renting/streaming inferior quality videos online through Netflix, iTunes and Google Play these days.
Last edited by Arthur; 16th January 2013 at 03:02 PM.
I used to rent from Choices, and then Blockbuster in Minehead when they were still open. They worked out cheaper than services like BT Vision or the like. 3 movies for a tenner for 7 days was a good deal.
They also did a good deal with second hand dvds.
They are yet another company that failed to sort themselves out with the digital world though.
Biggest problem with Blockbuster, wasn't the price or whatever it was:
Having to rewind the VHS tape when you rented it, (you all remember VHS?!)
Then with DVD being forced to sit through half an hour of "you wouldn't steal a car" FBI / CIA / KGB propaganda about illegal copying, ans THEN another half hour of trailers..
At least with VHS you just had to rewind it to the start of the film (or FFwd past the trailers!)
An angry grandfather walked out of a HMV store yesterday with three games after staff refused to accept his gift voucher.
Despite slipping into administration this week HMV stores continue to trade, but gift vouchers have been deemed worthless - angering many who received them at Christmas.
Eric Nolan, from Dublin, bought his grandson Cian a €40 HMV gift voucher for Christmas, but was told by staff in the Henry Street store it was worthless. Nolan had brought to the counter Euro Truck Simulator 2 (€22.40), The Sims 3 Town Life (€11.99) and Rail Simulator (€28).
At the till a 25 per cent discount was applied, reducing the total from €62.39 to €46.80. He then presented the voucher but was told it wasn't valid. So Eric simply took the games and walked out.
Security staff followed him down the street, according to the Irish Independent, but failed to prevent him making off with the goods. "Somebody has made a conscious decision not to pay out on vouchers and it's despicable," Mr. Nolan told the paper.
He intends to post the voucher and €6.80 to the store. "We are a nation of sheep - but I was determined to win this," he said. "HMV have taken hundreds of thousands of euro from the Irish people this Christmas and we shouldn't put up with it."
HMV is facing growing anger over its decision to refuse gift vouchers, and many customers believe the company should have stopped selling them in early December after warning investors of the coming crisis. Yesterday police were called to a HMV store in Oxford to sort out a dispute sparked when staff refused to accept vouchers from two customers. (Source)
Where is the greater theft?
The board and probably all the major shareholders knew they were going into administration, but they still sold the Vouchers. Isn't that a form of stealing? It is, in my world.
I applaud that old man, and I'd do the same if, in good faith, I'd bought my grandson a voucher which HMV/the vendor knew was going to be worthless.
Companies and corporations get away with too much of this kind of thing, and it's always the paying customers and shop-floor staff who end up footing the bill.
I don't care about this "unsecured creditor" carp.
They knew this was going to happen but they continued to sell vouchers, thinking it'll be a bit of free money. [I've just realised I have a £10 gift card I got at christmas.]
So I'm completely with the guy above - and have often thought about it myself when a few other places have gone bump...
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