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HMV goes bang

rich_tech

By rich_tech
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Posted
Posted
But I do wonder if there is an argument to be had about them selling gift vouchers if they knew that there was a problem with the company

 

God, yes.

 

While selling the gift cards, they're implying they'll be valid to use. They [the head honchos and possibly managers] knew what was going to happen to the store, as in the administrators were going to be called in, which makes it obtaining by deception [which is 50 shades of illegal] and possibly conspiracy to commit fraud.

 

IIRC, they have a clause saying they can cancel them with no notice [which is wrong anyway] and the card itself says it expires after 24 months [also wrong]

Arthur

Arthur

Posted
Posted (edited)

Asda and Tesco to accept HMV gift vouchers

 

Tesco says as long as your HMV gift card is still in date, even if it's part-used, it will exchange whatever value is left on the card until the end of January, and there's no limit on the value that can be exchanged. This can be done at any Tesco store.

 

Asda customers have until 30 January to redeem HMV cards and there's no limit on the value that can be exchanged. This can be done at any Asda store.

 

Quite simply, if you've got a £10 HMV gift card, you'll get £10 transferred onto an Asda or Tesco gift card.

 

I wonder if Tesco have got HMV gift cards confused with Horse Meat Vouchers. :)

Edited by Arthur
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Arthur

Arthur

Posted
Posted

GAME's gone crazy!

 

GAME Wants to Buy Up HMV’s Stores « Gizmodo

 

I bet HMV are pretty desperate to be bought out by someone by this point — but do you reckon it would be crazy/desperate enough to accept this offer from GAME’s CEO?

 

You’ll remember GAME from the 2012 season of hit TV show UK High Streets: Administration; against all the odds, a downsized GAME survived the whole bankruptcy thing and is back selling games to the masses. The CEO’s got ambition, however — so much, in fact, that he’s approached HMV’s administrators Deloitte regarding interest in some of HMV’s retail stores.

 

What makes this even more worrying is that the owner of GAME also owns Comet, who also went spectacularly bust last year. I think that buying up HMV would just be tempting fate; but it’s slim pickings for HMV at the moment, as the only offers he’s had (apart from this slightly delusional one) are from private equity firms, who will most likely want to gut the business. Maybe selling out to GAME wouldn't be so bad after all. What do you think?

localzuk

localzuk

Posted
Posted

They're nuts. They should be putting their effort into ensuring their failing business model is replaced. Still of the mind they should take a leaf out of Games Workshop's books. Change their stores to be more of a shopfront for electronic purchases, with demos available to play, and physical copies available if really wanted (but in the store room, not taking up all the valuable space), and introduce regular events like competitions or lan parties. Sure, some of their stores may be too small for the latter bit, but that's no reason to not do it in the larger ones. They should also stop focussing entirely on Xbox and PS3. Those markets are basically gonna dry up with the next gen consoles so they're gonna have nothing to sell really!!

 

Buying more stores, when they've just finished closing a load of stores.

 

Maybe if they decide to take on the large HMV locations and swap their smaller stores over to do all of the above though...

Arthur

Arthur

Posted
Posted (edited)

It's looking like Hilco will buy HMV.

 

Music giants rush to save HMV

The world’s biggest music labels and film studios are assembling a multimillion-pound rescue package to prevent HMV from going out of business. Universal Music, Warner Music and Sony are set to cut the price of CDs and DVDs, and give the retailer generous credit terms. Film giants, including 20th Century Fox, Universal Studios and Warner Bros, are also expected to throw their weight behind the rescue attempt.

 

Industry sources said the entertainment giants were desperate to keep alive a specialist retailer to avoid cut-throat pricing by supermarkets and internet distributors. “They don’t want their only choice to be Tesco or Amazon,” one source said. Despite its struggles, HMV still accounts for one-fifth of the British music and DVD market.

 

The industry consortium is understood to favour a bid by Hilco, an investor that specialises in struggling retailers. Hilco is best known in Britain for salvaging Habitat. Last year it bought HMV’s Canadian arm. “They will put their weight behind anyone who has a viable plan, but Hilco has a head start,” one source close to the talks said.

 

Last week HMV became one of the biggest high street casualties since the financial crisis began when it collapsed into administration. It has about 4,350 staff, mostly in its 220 stores in the UK and Ireland, and a handful of shops abroad, including sites in Hong Kong and Singapore.

 

Administrators from Deloitte were called in on Monday after poor Christmas trading. HMV’s demise came during a miserable few days for retailers in which Jessops, the camera specialist, and Blockbuster, the DVD rental company, also went under. Deloitte is now seeking investors willing to save the 92-year-old chain, whose slow unravelling was caused by its failure to keep up with fierce competition from the internet and supermarkets. Several interested parties have already come forward but only a few are being taken seriously. Retail experts think HMV has a future if it can shed its debts and half its stores.

 

A new owner will need the continued support of HMV’s suppliers, which fought to keep it out of administration. Last year they relaxed payment terms in return for a small parcel of shares, and in the crucial trading period before Christmas they provided help worth tens of millions of pounds.

 

Among the lifelines under consideration is a further extension to HMV’s credit lines, with some suppliers considering slashing prices, sources said. If HMV were allowed to go under, the big labels would cede even more power to Amazon and to Apple, whose iTunes store now dominates the music industry.

 

The stakes are even greater for Universal Music. It inherited the liability for the rent on 16 HMV stores when it took over EMI, the record label, last year. EMI was one of the investors that floated HMV in 2002. Universal could face a rental bill of millions of pounds if the stores are left vacant.

 

The administrators are convinced HMV can be rescued. “We’re confident a deal could be announced soon,” a source close to the company said.

 

Administrators to Blockbuster also hope to find a buyer for the rental business despite the closure of 129 stores yesterday with the loss of 760 jobs. These closures were in addition to 31 that had been announced earlier. Retail analysts are sceptical about the chain’s future. (Source, Via)

Edited by Arthur
localzuk

localzuk

Posted
Posted
They still need to progress their business model though, whoever buys them, and not just carry on operating in exactly the same form as they have done up until now.
mattx

mattx

Posted
Posted

Universal Music, Warner Music and Sony are set to cut the price of CDs and DVDs, and give the retailer generous credit terms.

 

So that is confirmed, they have been ripping us off all this time. Then they wonder why people turn to torrents etc......

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