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HMV set to enter administration



*Update*

HMV have this morning confirmed administration and have also announced that gift cards have been suspended. Stores will continue to trade during the administration process.


High street chain HMV looks set to be the next company to enter administration this year, following on from photography specialist Jessops.

Multiple sources, such as The Independent and The Financial Times, are claiming that Deloitte look likely to be appointed as administrators when this step is announced tomorrow morning.

Late last week, HMV asked its suppliers for around 300 million GBP in additional financing to pay off its bank debt, however it seems this was rejected, hence the need for such a drastic measure being taken.

It's thought that around 4,350 jobs are at risk across HMV's 240 stores. Obviously our thoughts go out to everyone affected.


Edited On 15 Jan, 2013

Comments
( 34 )
Loli-Nox-Tan's avatar
Loli-Nox-Tan 4 years ago
Guess I'll need to pop in so I can use my vouchers. Would be sad to see HMV go if it ever did come to that
LFC Bywater's avatar
I'd be quick though, when gamestation went into administration the vouchers and Reward cards were among the first things they deactivated until the company got bought out.
LFC Bywater 4 years ago
0000000000's avatar
when i was younger hmv was the place to go for all that kind of stuff.. but this doesnt surprise me because the past 3-4 years they over charge for everything in my opinion so its no shock to be honest
0000000000 4 years ago
Loli-Nox-Tan's avatar
Well it turns out I can't use my vouchers now :( oh well i only had 13GBP
Loli-Nox-Tan 4 years ago
LFC Bywater's avatar
Ahh that sucks, Keep hold of them though, hopefully HMV will get sorted out and you'll be able to use them after.
LFC Bywater 4 years ago
Loli-Nox-Tan's avatar
Oh & two coupons for 5GBP off 30GPB.
Loli-Nox-Tan 4 years ago
LFC Bywater's avatar
LFC Bywater 4 years ago
Never good to see company's like this struggling, But the extortionate prices they charge for their games is a joke. No company will succeed by doing this.
Robichoico's avatar
I find it hilarious that another High Street Store. Grainger Games actually is competitive with online prices. It seems to me that Game and HMV were just being stubborn.
Robichoico 4 years ago
Anonymous user's avatar
Laurence 4 years ago
Having been watching HMV swing around the 2p share price for many months, I almost kidded myself into thinking that this would never happen. I guess you can only have so many profit warnings before you have to call it a day. Good luck to anyone working for them! P.s. Didn't the government close the Jersey tax loophole to prevent exactly this?
Dead's avatar
Dead 4 years ago
Not exactly unexpected, HMV haven't been the best retailer for entertainment media, but it's not necessarily the end, look at GAME, we all thought they were dead last year.
Deval's avatar
There prices were or still are ridicolous.
Deval 4 years ago
LFC Bywater's avatar
The prices for CD's or DVD's are not too bad. But £45.99 for games that i can get on Shopto for like £20, and earn reward points on. I know where i would rather shop...
LFC Bywater 4 years ago
Anonymous user's avatar
Game may survive, but why? We are all talking on a site that offers much lower prices... sure the occasional midnight opening is nice, but £5-£15 cheaper is nicer. There is a lot of talk about keeping the highstreet alive, but where there is a better deal, I will always go...
Laurence 4 years ago
no47's avatar
I think the only way GAME will survive in the current climate, is if they keeping getting game exclusives. Granted these exclusives are usually priced £10+ over other retailers, but for people who are interested in exclusive items/dlc they have no choice. Hopefully HMV are bought out and their prices brought down inline with other retailers prices. It's the staff i feel sorry for, who are most likely to lose their jobs if a buyer isn't found soon.
no47 4 years ago
superniceguy's avatar
GAME do manage to secure the limited editions though, and take advantage of that, and boost the price, which I do not like and especially after the Mass Effect 3 fiasco, where I had the limited edition secured with them, then lost it and had to pay about double else where Most normal stuff (non limited editions not exclusive to GAME) now does match everywhere else, and some of the deals they did in Nov/Dec were cheaper than elsewhere too, and I endded up buying a few things from them last month for the first time since the ME3 mess.
superniceguy 4 years ago
iMerle iDixon's avatar
iMerle iDixon 4 years ago
When will people learn that if they want to survive, especially in the current economic climate, you need to be competitive with your prices.
PrometheusFan's avatar
PrometheusFan 4 years ago
High street games retail is on the ropes big time now. If things continue as they are, it won't be long before the only places you can get new games is online retailers and supermarkets. Sad times. Sad but inevitable.
Shuy's avatar
And also it's going to get worse. Imagine when games are just digital ownly, all the retail stores will be out of business before you know it!
Shuy 4 years ago
LFC Bywater's avatar
Games going digital is only a rumour, and one i hope never comes to place.
LFC Bywater 4 years ago
superniceguy's avatar
Games going digital is already a reality, although all main games are released at retail and then go digital. Most arcade games stay digital, although some have been made into retail discs like the Dreamcast collection, but not all. If games do go digital then retail stores can still sell the games as a scratch card that gives you a code to download game. Some digital games cost more than retail, eg SSX costs £50 on the Xbox Marketplace. If that is the kind of price they expect you to pay for downloads off the Xbox Marketplace, then retail will be better. If games go digital permanent I will be buying far less, and if I do buy any it will not be until they are mainly £15 or below, and I will never preorder any game. I preorder any game I think I will like now as I can resell it if I do not like it, but you can not resell digital copies.
superniceguy 4 years ago
LFC Bywater's avatar
Sorry i meant games being digital only. I like to actually have the case disc and manual. So i'm hoping it never happens fully.
LFC Bywater 4 years ago
Shuy's avatar
Shuy 4 years ago
This is a shame. I bought The Last Story for the Wii with them last year, I ordered early, received 5 days late... But it is sad news nonetheless.
Carl-G's avatar
Carl-G 4 years ago
i liked HMV. Well i used to work there ages ago. Sad to see it go :-(
Skiba's avatar
Skiba 4 years ago
hope all affected find a new job.
Anonymous user's avatar
Rachael 4 years ago
This is not good. With the job situation at the moment its sad that even more people may be chucked into the mess. hope they come to some kind of a solution and that most of the jobs can be saved. Its true what everyone is saying though, they need to be much more competitive with their pricing.
Robichoico's avatar
Robichoico 4 years ago
Would rather have seen game go down the pan. HMV, while still ridiculous for buying more obscure stuff like Anime or Indie Rock were at least adapting to try and survive by adapting to the new mediums like Ipads etc. I need to get down to one this weekend and use up my trade in stuff.
Datastatic's avatar
Datastatic 4 years ago
I worked their for a few years in the mid 90's and feel sorry for the staff. The happiest moment they had was when they 'shut Virgin down' and their policies when it came to selling were always miles off centre. It's a shame to see it go but not undeserved. I would also sooner it was Game (which will no doubt come later this year) mainly because of the way it has treated me personally as a customer. My thoughts go to the shop floor staff but at the end of the day you worked for a **** company.
yoda soldier's avatar
yoda soldier 4 years ago
The thing i find with these companys when the are strugling, rather than keep the prices like other shops they just put everything up in price which just turns me away.
Masterchocobill's avatar
Masterchocobill 4 years ago
Very sad times, we will soon have a handful of high street shops left. Also people who just say "they need to be competitive" are living in a dream world and have no idea about running a business. Rent is the high street shop killer, online stores do not have the overheads of a physical shop. Lots of people wishing companies would go down the pan, will be the same people complaining about supporting people on job seekers because they've lost their jobs.
HappyNoodleBoy's avatar
HappyNoodleBoy 4 years ago
Could their borderline mental prices for everything be the problem?
yoda soldier's avatar
Thats the thing i was once given a voucher for them and i had to buy something i could have got £5 cheaper a few shops down. i don't expect them to compete with online but they should try to compete with shops just next door.
yoda soldier 4 years ago
DynamiteWhyte's avatar
DynamiteWhyte 4 years ago
I usually just use HMV as a browsing shop. Sometimes you come across a bargain, but it is rarer these days. Their sale they had the other day was pointless too as even with 25% off they weren't beating shop prices.
scourge's avatar
scourge 4 years ago
no surprise there. sad, but no surprise. their prices have always been a bit over the top.
shiny miller's avatar
shiny miller 4 years ago
Play.com and Amazon killed off the high street CD/DVD/game retailers with their tax-avoiding ways which meant they could always undermine the high street retailers. Yes, the government have clamped down on them now but the damage has been done - Woolworths, Zavvi and HMV all gone. Soon the only place you'll be able to buy a physical copy of entertainment media will be supermarkets.

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