HMV hopes for Christmas to be its saviour
The beleaguered entertainment retailer HMV faces a critical two day of trading before Christmas Day that could play a pivotal role in shaping whether it survives on the high street.
The 238-store chain issued a “going concern” warning earlier this month and is being stalked by Apollo Global Management, the US vulture fund that has acquired more than 10 per cent of HMV’s debt.
Apollo is thought to believe that HMV can be turned around, if it can seize control and push through a radical restructuring. Its shops are likely to be packed today and tomorrow with shoppers hunting down last-minute DVDs – such as Batman: The Dark Knight Rises – CDs and headphones but its reliance on sales around Christmas has left its future looking precarious.
Following a 10.2 per cent slump in sales, HMV suffered a loss of £37.3m over the half-year to the end of October and warned it would almost certainly breach banking covenant tests in January. Its chief executive Trevor Moore has insisted it has a “ strong future” and that regular discussions with its banks are “ constructive”.
And why are 'southern' ways of speaking spreading north?
life + styleClarissa Baldwin is the brains behind the slogan 'A Dog is for Life not just for Christmas'
Is this the scariest advert ever? Japanese tyre commercial comes with its own disclaimer and health warning
Rapper Ja Rule forced to deny leaving his wife for prison cell mate
Paul Walker autopsy: Results reveal Fast and Furious star's cause of death
Scientists sequence oldest human DNA from fossilised leg bone found in Spain
UK weather: Thousands evacuated as biggest tidal surge in 60 years threatens England's east coast
- 1 Is this the scariest advert ever? Japanese tyre commercial comes with its own disclaimer and health warning
- 2 A forgotten episode in Russian history leaves links with the Philippines
- 3 Scientists sequence oldest human DNA from fossilised leg bone found in Spain
- 4 Cannabis can cause man boobs, US surgeon claims
- 5 Joanna Lumley’s garden bridge over the Thames gets £30m seal of approval from Government
iJobs Money & Business
£50000 - £65000 per annum + benefits + bonus: Harrington Starr: Market Data SM...
£50000 - £70000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£70000 - £85000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£75000 - £85000 per annum + Bonus and Benefits: Harrington Starr: An award win...