What does this mean for HMV?
Tuesday 15 January 2013
Up to half of the 239 stores could close as part of any rescue deal. Only profitable stores will survive. It is likely that stores in high footfall shopping centres, such as Sheffield’s Meadowhall, Manchester’s Trafford Centre or Kent’s Bluewater, will be sought after.
For the music-loving British public, the collapse of HMV was one of the saddest days. Beyond the aisles of their local supermarket, this will mean many consumers can only buy music, films or computer games on Amazon or via iTunes and other MP3 download sites.
Founded in 1921, HMV stands for ‘His Master’s Voice’ and the retailer is synonymous with ‘Nipper’, the Jack Russell dog that listens to a gramophone in its most famous logo. If Deloitte is unable to sell a slimmed-down version of HMV as a going concern, it is likely to find strong demand for the brand.
Trevor Moore made a brave move when he became chief executive in September, although after leaving camera chain Jessops it could be argued he jumped out of frying pan into the fire. He joined on the same day as finance director Ian Kenyon, who had previously held the same role at Best Buy Europe.
HMV’s syndicate of eight banks, including Royal Bank of Scotland, Lloyds, ING, Santander and Sweden’s Handelsbanken, as top secured creditors, will rank above all others in terms of recouping money. Its shareholders, who suffered the ignominy of the share price sinking to just 1.1p this week, are set to end up empty handed.
During the administration of Woolworths in 2008, Deloitte’s head of global reorganisation services Neville Kahn became a household name in the business press. The Arsenal fan and keen golfer also worked on the administration of the electricals chain Comet.
- 2 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to join show
- 3 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
- 4 University student in court for allegedly covering housemates' food in window cleaner and spit
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...