HMV will survive on the high street, says Fox
Friday 18 March 2011
Simon Fox, chief executive of HMV, has vowed that the troubled entertainment group will survive and still have hundreds of shops in five years' time. The group, which owns the eponymous chain and the bookseller Waterstone's, has had a torrid time recently, with problems such as credit insurers cutting cover for some suppliers, three profit warnings and expected breaches of a banking covenant.
Its shares jumped 32 per cent, or 3.75p, to 15.25p yesterday after Mr Fox told the Retail Week conference in London, that having hundreds of stores is "absolutely at the heart of the offer".
The changes HMV was making, such as its move into live music venues, meant it would look very different in 2016, but it would maintain its high street presence, he said. The group is renegotiating its banking covenants with lenders. Mr Fox said: "It will take some weeks, possibly months to renegotiate the terms of our facilities but it's moving in the direction we were hoping to move in."
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
Shock poll shows voters believe Ukip is to the left of the Tories
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
New era of cheap oil 'will destroy green revolution'
Ukip founder Alan Sked and Nigel Farage 'begged Enoch Powell to stand as a candidate'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
iJobs Money & Business
£40000 - £470000 per annum + bonus: Ashdown Group: Java Developer / J2EE Devel...
£45000 - £55000 per annum + Benefits: Ashdown Group: An exciting opportunity h...
$125 - $175 per annum: Carlton Senior Appointments: Senior Wealth Manager In...
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...