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.
- 1 Labour rallies behind Flint as deputy leader to offset a Corbyn win
- 2 Katie Hopkins reveals fear she will die during brain surgery to cure epilepsy
- 3 The difference between a psychopath and a sociopath
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 'Cool kids' can go on to become losers in later life, study finds
Katie Hopkins reveals fear she will die during brain surgery to cure epilepsy
Labour rallies behind Flint as deputy leader to offset a Corbyn win
Kim Jong-un is awarded global statesmanship prize by Indonesia
Dutch King Willem-Alexander declares the end of the welfare state
Calais crisis: Migrants that have made it to the UK reveal how Britain has matched their expectations
Yvette Cooper: Our choice is years of Tory rule under Jeremy Corbyn – or a return to a Labour government
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Calais crisis: The seven claims made about the migrants - and the reality
Calais crisis: For desperate migrants it is 'England or death' as they brave dogs, riot police and speeding trains
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: This is an exciting opportunity...
£13000 - £15000 per annum: Recruitment Genius: Are you passionate about custom...
£22000 - £25000 per annum: Recruitment Genius: Main purpose: Under the directi...
£35000 - £37000 per annum + benefits : Ashdown Group: Contracts Manager - City...