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    HMV appoints Administrator

    http://www.bbc.co.uk/news/business-21021073HMV: Debt-laden retailer to appoint administrator

    Music and DVD chain HMV, which
    employs about 4,350 staff, has confirmed it will appoint an administrator,
    making it the latest High Street casualty.

    Deloitte will run the 239-store chain while it assesses prospects for the
    business and seeks potential buyers.

    Trading in HMV shares on the London Stock Exchange are being suspended, the
    company said in a statement.

    Started in 1921, HMV became one of the biggest names on the High Street, but
    has struggled against online retailing.

    The company has been in financial crisis for many months and on 13 December
    warned that it faced a possible breach of bank loan agreements.

    In a statement late on Monday the company said: "The board regrets to
    announce that it has been unable to reach a position where it feels able to
    continue to trade outside of insolvency protection..."

    The statement continued that the board "understand that it is the intention
    of the administrators, once appointed, to continue to trade whilst they seek a
    purchaser for the business".

    The retailer, whose first store was opened in London's Oxford Street in 1921,
    has faced intense competition from online retailers, digital downloads, and
    supermarkets in recent years.

    As its debts mounted, HMV sold off parts of the business, notably its live
    entertainment arm and the Waterstones book chain.

    Last week, HMV announced a month-long sale with 25% off prices, sparking
    worries that the company needed to shift stock after poor Christmas trading.

    The company's troubles underline the gloom on the High Street and come after
    a string of high-profile failures, including the closure last week of camera
    retailer Jessops and Comet's collapse last year.

    #2
    Re: HMV appoints Administrator

    No great surprise really.
    "If we hit that bullseye, the rest of the dominoes will fall like a house of cards - checkmate!" Zapp Brannigan

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      #3
      Re: HMV appoints Administrator

      Large book retailers next. In 10 years time we will think it quaint that we used to by paper books (and newspapers, magazines).
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        #4
        while my reading time is limited with fatherhood (gradually getting it back) i still prefer paper to pad
        "Some people don't know their easy lives... I wouldn't be so ungrateful" - Fiacre Ryan - #AutismAndMe

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          #5
          Originally posted by masterchief View Post
          No great surprise really.
          exactly, they were one of the first to hit trouble several years back, biggest surprise is they managed to keep going beyond then.

          Thing is all the hand wringing on the news etc misses one point, this isn't just about a recession, people have been moving towards online shopping for years. This ambition governments have towards everyone being computer literate, access to the internet etc is one of the many signs of how not joined up government thinking is (like New Labour's stupid idea of everyone going to university). This is a consequence. If you can shop online and spend your time doing other things, that's what you do. The day supermarkets started delivering was a death blow to small shops as well. And you can guarantee most of the people moaning about it use the bloody places that are killing their local high street.
          \"A million monkeys with a million crayons would be hard-pressed in a million years to create anything as cretinous as Battlefield Earth.\"

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            #6
            Originally posted by fitzy73 View Post
            Large book retailers next. In 10 years time we will think it quaint that we used to by paper books (and newspapers, magazines).
            Don't think so. Books are here for the long run. Its a little like the wrongly predicted demise of radio when TV came on the scene. Books will outlast the kindle but you are probably right about the retailers, sadly. Mind you, HF has been very busy the last few times I've been in.
            "We are going to hope to keep improving the environment in Munster. It’s about improving and setting standards where players and coaches can improve. Hopefully we can offer that more than just money.” Johann Van Graan 20/12/2017

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              #7
              I didn't read it yet, but there was an article in the ST about books continuing popularity in the face of eBooks. Personally, having dabbled with a Sony read and owing an ipad and iphone, I have no intention of abandoning paper. But bookshops face a huge issue, they pay high rents to own x amount of square metres in a city centre and naturally can't stock everything you'd want, so you end up ordering from someone who has the titles you want mostly because they're located in an industrial estate in Hull.

              On the issue of stock, I happened to be in HMV Grafton St yesterday which is rare enough. They did not have the CD I was looking for (Banks - Banks), I thought maybe there was a slight chance they stuck in with the Interpol CDs only to find they had no Interpol either. I don't know if that is a symptom or cause of their problems but I won't be going back for any CDs. I would probably miss them for picking up the odd film now and again.

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                #8
                Originally posted by bugler View Post
                I didn't read it yet, but there was an article in the ST about books continuing popularity in the face of eBooks. Personally, having dabbled with a Sony read and owing an ipad and iphone, I have no intention of abandoning paper. But bookshops face a huge issue, they pay high rents to own x amount of square metres in a city centre and naturally can't stock everything you'd want, so you end up ordering from someone who has the titles you want mostly because they're located in an industrial estate in Hull.

                On the issue of stock, I happened to be in HMV Grafton St yesterday which is rare enough. They did not have the CD I was looking for (Banks - Banks), I thought maybe there was a slight chance they stuck in with the Interpol CDs only to find they had no Interpol either. I don't know if that is a symptom or cause of their problems but I won't be going back for any CDs. I would probably miss them for picking up the odd film now and again.
                other thing killing bookshops is supermarkets got in on the act and sell them for half the price. I think it was one of the Harry Potter launches that literally put some bookshops over the edge because of the supermarkets massively undercutting them.

                I don't think the prices in HMV help. The only reason I go in there regularly these days is genuinely because it's a short cut through to the other side of shopping centre. I wouldn't buy anything in there as it is all much cheaper elsewhere. Which is a shame because I used to buy lots of dvds in there.
                \"A million monkeys with a million crayons would be hard-pressed in a million years to create anything as cretinous as Battlefield Earth.\"

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                  #9
                  Originally posted by FORWARD.... View Post
                  Don't think so. Books are here for the long run. Its a little like the wrongly predicted demise of radio when TV came on the scene. Books will outlast the kindle but you are probably right about the retailers, sadly. Mind you, HF has been very busy the last few times I've been in.
                  http://www.zdnet.com/blog/networking...-1st-time/2505

                  There is no profit margin for paper books. They will still exist, but probably in the same way that vinyl shops still exist.
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                    #10
                    Re: HMV appoints Administrator

                    Originally posted by fitzy73 View Post
                    http://www.zdnet.com/blog/networking...-1st-time/2505

                    There is no profit margin for paper books. They will still exist, but probably in the same way that vinyl shops still exist.
                    Agreed, you only have to look at the US to see the demise of the bricks and mortar bookshops. Amazon has killed the big bookshop, it'll happen here too.
                    "If we hit that bullseye, the rest of the dominoes will fall like a house of cards - checkmate!" Zapp Brannigan

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                      #11
                      Originally posted by bugler View Post
                      I didn't read it yet, but there was an article in the ST about books continuing popularity in the face of eBooks. Personally, having dabbled with a Sony read and owing an ipad and iphone, I have no intention of abandoning paper. But bookshops face a huge issue, they pay high rents to own x amount of square metres in a city centre and naturally can't stock everything you'd want, so you end up ordering from someone who has the titles you want mostly because they're located in an industrial estate in Hull.

                      On the issue of stock, I happened to be in HMV Grafton St yesterday which is rare enough. They did not have the CD I was looking for (Banks - Banks), I thought maybe there was a slight chance they stuck in with the Interpol CDs only to find they had no Interpol either. I don't know if that is a symptom or cause of their problems but I won't be going back for any CDs. I would probably miss them for picking up the odd film now and again.
                      I agree Bugler - the stock of CDs in HMV has diminished so much in the past few years. I tohught HMV, Grafton Street might be better, obviously not. That CD - Banks - is one you;d expect them to have in stock. It's not as if it's an obscure album by a little known artist. I'm from Cork and I really do lament the gradual phasing out of the record store. I went to school in the city and at that time (in the mid-nineties or thereabouts) , Virgin "Megastore" came in to the Queen's Old Castle building. That was like heaven to a young music fan. I remember rushing down there after school before I got the bus home, just trawling through their extensive collection of albums. They had everyhting it seemed, smaller, up-and-coming alternative or alt-country bands from America that we might only read about in Q or NME. There was also HMV and Golden Discs on Patrick Street. HMV was a fabulous shop I thought. And of course, there was Comet Records on Washington Street - a magical room down near Singer's Corner. I left school fifteen years ago, so I'm not talking about a time back in the sixties or seventies here!

                      Every time I go into HMV now, or any record store for that matter, I continue to be saddened by the increasing number of DVDs (movies and TV box-sets) which have taken up the floorspace once ocucpied by music. I'm surprised that digital downloading of movies and TV programmes hasn't really taken off yet and rendered the physical DVD or Blu-Ray obsolete in the same way that itunes has decimated the sales of CDs.

                      The one music shop that has impressed me as recently as last year was Tower Records in Dublin. It still seems a genuine out-and-out record store.
                      Last edited by NEON; 15th-January-2013, 10:38.

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                        #12
                        Originally posted by FORWARD.... View Post
                        Don't think so. Books are here for the long run. Its a little like the wrongly predicted demise of radio when TV came on the scene. Books will outlast the kindle but you are probably right about the retailers, sadly. Mind you, HF has been very busy the last few times I've been in.
                        I'd agree, there's legitimate reason for wanting books in paper form over digital. There's very little reason to wanting music or video in a hard form, it's not as if they can be of any use in isolation away from their technology platform anyway, even if physical copies are no longer the most popular format there'll still be demand for them and they'll exist in a stronger capacity then out of mere novelty like vinyl.

                        The next retail area to go will be video games as online distribution continues to grow.
                        Last edited by Dowlinz; 15th-January-2013, 13:02.

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                          #13
                          HMV are no longer accepting gift-tokens/vouchers/cards in payment.. so anyone that got one for xmas can forget trying to use it now. however if they end up doing what Hughes & hughes did it's possible those gift tokens may be useful again in the future.
                          Hughes & hughes basically re-opened the shops that had decent profit margins and after a few months started accepting gift-cards as payment again.

                          For whatever reason the music industry appears to have taken the biggest hit from the illegal downloading market. Perhaps the industrys' own attitude when MP3 services first appeared has a large part to play.
                          Movie/TV still survives because the first screening/airing has it's own income stream and it's always higher quality than an illegal alternative. But what will erode is the dvd/blu-ray sales market, and to be fair there are legal streaming systems coming into place & indeed legal digital copies being offered when purchasing blu-rays of certain movies. The studios do however need to wake up & stop the geo-specific restricitions on the markets. For example "ultra-violet" is a cloud-based digital format for movies but even though you can buy a movie with a UV digital key in Ireland - legally - the key is no use to you as the service has not been rolled out in ireland by all the studios.

                          Personally I will buy/subscribe to digital media services if I feel they are decent value. .. but that's the key I won't pay full whack for a digital copy of something if I can get the physical copy cheaper. Certain book publishers are a disaster for charging full hard-back copy type pricing for eBooks, wheras others got ahead of the curve & offered ebooks cheaper than paperbacks & thus earned customer loyalty to the point where their customers would prevent others from uploading/posting illegal e-copies.

                          I prefer to source digital media from legal outlets, but I do want the geo-restrictions on those outlets to be scrapped, this is a digital world and artificial restrictions just encourage the use of illegal sourcing.
                          Plato: \"One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors.\"

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                            #14
                            Music will free, and act as the "ad" that attracts people to live shows. That's the future. It's already a proven business model (Radiohead, Nine Inch Nails), and it's why concert tickets are insanely expensive these days.

                            I really disagree about the books. As per my link, the shift has already happened. The decline is likely to accelerate in the coming years - I'd expect publishers to offer a "print at home" package or charge a premium to get a physical book. Hence, you'll get niche book shops selling expensive hardbacks and paperbacks.

                            I'm not saying I'm in favour of it, btw, just that it's already happening.
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                              #15
                              Originally posted by NEON View Post
                              The one music shop that has impressed me as recently as last year was Tower Records in Dublin. It still seems a genuine out-and-out record store.
                              And it's where I got Banks 5 minutes after looking in HMV.

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