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Retailers Gone Into Administration
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Ian Robinson
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PostPosted: Tue Dec 18, 2012 1:33 pm    Post subject: Reply with quote

RockitRon wrote:
HMV always seems to bring out bad news at a bad time of year - just when it should be making the most of selling through the Christmas period.

Apart from the new releases and top forty albums, CDs have been pretty much relegated to the back of the store. The attraction we old codgers had of browsing through stacks of record sleeves and CD boxes is much diminished, and anyone not content to buy their music online is more likely to do it at their local Tesco, where it is cheaper.

Most of the space instore is taken up by DVDs, including Blu Ray, of which you could say similar, of course - my son has stopped buying them and has thrown out (given away to charity shops) a huge boxful, as he can now view films and tv series on his set via the net through things like Netflix and iPlayer at a fraction of the cost of the tangible article.

They do have a brightly lit section devoted to hardware, including the ubiquitous ipods, but there again they have never been able to compete on price.

Going in today, the place was busy enough, but not as much as in previous years (although you could say that about all the city's stores). There is plenty of stock on the shelves and piled up underneath and in corners - the suppliers have demonstrated their continued support of the chain as a sort of "last man standing" for sales of entertainment product on the high street, by putting in £40million worth of stock on a "sale or retun" basis, rather than requiring payment pdq.

The Telegraph comment - http://www.telegraph.co.uk/finance/comment/damianreece/9742107/Why-HMV-is-a-dodo-company.html - probably has it right, and it's hard to imagine that HMV, in its current form, will be around this time next year.


The thing is, even before the days of the internet, a visit to HMV was the last resort. They were always overpriced and slightly shabby. It's no wonder that when easier, cheaper options came along customers deserted in droves.
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mark occomore



Joined: 07 Dec 2006
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PostPosted: Tue Dec 18, 2012 6:27 pm    Post subject: Reply with quote

The collapse of Comet could be looked with management interviewed and could lose the right to run a business if they are found to done any wrong doing.
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John W



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PostPosted: Wed Dec 19, 2012 10:27 am    Post subject: Reply with quote

mark occomore wrote:
The collapse of Comet could be looked with management interviewed and could lose the right to run a business if they are found to done any wrong doing.


Oh, I wish Colin was still here to translate your postings Mark.
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RockitRon



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PostPosted: Mon Jan 07, 2013 9:05 pm    Post subject: Reply with quote

Virgin France (music shops) has gone the way of its British counterpart - Branson divested himself of it five years ago.

Staff in HMV were today fixing blue X stickers to most of their back catalogue CDs and DVDs, in preparation for a sell-off at 25% discount from Friday.
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Shaky Fan



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PostPosted: Tue Jan 08, 2013 7:00 pm    Post subject: Reply with quote

RockitRon wrote:


Staff in HMV were today fixing blue X stickers to most of their back catalogue CDs and DVDs, in preparation for a sell-off at 25% discount from Friday.


So that's what those stickers were! They seemed to have them on everything when I was in the Belfast store at lunchtime!
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RockitRon



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PostPosted: Wed Jan 09, 2013 9:07 am    Post subject: Reply with quote

A link to the Virgin France story
http://www.bbc.co.uk/news/business-20944909

In fact, I don't think there were ever as many "record shops" over there as there were in the UK. We've had three holidays, and visited many large towns - Amiens, Vannes, Bordeaux, Beziers, Montpelier - and only in the last did I find music retailers, and then was very disappointed with the range of French material on offer - I've found much more on Amazon.
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Helen May



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PostPosted: Wed Jan 09, 2013 2:31 pm    Post subject: Reply with quote

Looks like Jessops could be in administration by the end of the day according to many, including Robert Peston, on Twitter.

H
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RockitRon



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PostPosted: Wed Jan 09, 2013 3:40 pm    Post subject: Reply with quote

Helen May wrote:
Looks like Jessops could be in administration by the end of the day according to many, including Robert Peston, on Twitter.

H


http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9790689/Jessops-collapses-into-administration.html

A familiar tale (or a variation on it anyway). You can only delay the inevitable for so long.
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mark occomore



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PostPosted: Wed Jan 09, 2013 5:01 pm    Post subject: Reply with quote

Helen May wrote:
Looks like Jessops could be in administration by the end of the day according to many, including Robert Peston, on Twitter.

H


A another big chain which has been around for years goes from the highstreet. Yet again blame it on the supermarkets where you can buy cameras, and other branded high street names.
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Ian Robinson
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PostPosted: Wed Jan 09, 2013 5:27 pm    Post subject: Reply with quote

mark occomore wrote:
Helen May wrote:
Looks like Jessops could be in administration by the end of the day according to many, including Robert Peston, on Twitter.

H


A another big chain which has been around for years goes from the highstreet. Yet again blame it on the supermarkets where you can buy cameras, and other branded high street names.

I think the "blame" really is online, isn't it? Lots more choice and info (and cheaper prices) than supermarkets.
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mark occomore



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PostPosted: Wed Jan 09, 2013 7:07 pm    Post subject: Reply with quote

Ian Robinson wrote:
mark occomore wrote:
Helen May wrote:
Looks like Jessops could be in administration by the end of the day according to many, including Robert Peston, on Twitter.

H


A another big chain which has been around for years goes from the highstreet. Yet again blame it on the supermarkets where you can buy cameras, and other branded high street names.

I think the "blame" really is online, isn't it? Lots more choice and info (and cheaper prices) than supermarkets.


The cost of delivering might need to come down?
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Ian Robinson
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PostPosted: Wed Jan 09, 2013 7:46 pm    Post subject: Reply with quote

mark occomore wrote:
Ian Robinson wrote:
mark occomore wrote:
Helen May wrote:
Looks like Jessops could be in administration by the end of the day according to many, including Robert Peston, on Twitter.

H


A another big chain which has been around for years goes from the highstreet. Yet again blame it on the supermarkets where you can buy cameras, and other branded high street names.

I think the "blame" really is online, isn't it? Lots more choice and info (and cheaper prices) than supermarkets.


The cost of delivering might need to come down?

I don't understand, Mark? Most online deliveries are free - can't get much cheaper than that!
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ruddlescat



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PostPosted: Wed Jan 09, 2013 8:32 pm    Post subject: Reply with quote

It's also as a result of the fact that people now have things like I Phones and really don't need separate cameras - phone technology has advanced so much in recent years

Sad about Jessop's all the same Sad
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mark occomore



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PostPosted: Fri Jan 11, 2013 8:12 pm    Post subject: Reply with quote

Jessops has gone.

http://www.bbc.co.uk/news/business-20992125
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John W



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PostPosted: Sat Jan 12, 2013 7:19 pm    Post subject: Reply with quote

My birthday was this week, the big 60! One present from a mate was an HMV Gift Card for £20. He said spend it quick before they go into administration! I went along to the store in Nuneaton and just about everything is at sales prices, mostly 25% discount, and a lot at half price. I got a Basil Rathbone Sherlock Holmes DVD boxed set (all 14 movies) reduced from £50 to £15 and a Holst Naxos CD for £5.25.

The shop was busy, I expect attracted by the discounts. But there is so much stuff in the shop that, really, people will not buy, like DVDs for £7 like Nottting Hill, Guns Of Navarone, Matrix the sort of films that are on TV very often and can be recorded or ondemand via a sky box.
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Helen May



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PostPosted: Sat Jan 12, 2013 7:47 pm    Post subject: Reply with quote

Belated milestone birthday greetings John!

Agree about stuff that people won't buy as well.

H
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mark occomore



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PostPosted: Mon Jan 14, 2013 7:50 pm    Post subject: Reply with quote

HMV appoint administrators.

http://news.sky.com/story/1038002/hmv-board-in-crisis-talks-over-chains-future
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mark occomore



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PostPosted: Tue Jan 15, 2013 6:05 am    Post subject: Reply with quote

Quote:
"On 13 December 2012, the Company announced that as a result of current market trading conditions, the Company faced material uncertainties and that it was probable that the Group would not comply with its banking covenants at the end of January 2013. The Company also stated that it was in discussions with its banks.

"Since that date, the Company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach.

"However, 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, and in the circumstances therefore intends to file notice to appoint administrators to the Company and certain of its subsidiaries with immediate effect.

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

Trading in HMV's shares, which are now expected to be worthless, will be suspended on Tuesday morning.

The appointment of Deloitte follows the accountancy firm's work on the collapse of Woolworths in 2008.

HMV has been caught between the encroachment onto its turf of supermarket chains such as Tesco and Asda, and the explosive growth of digital specialists like Amazon which are unencumbered by hefty real estate costs.

Chuka Umunna, the shadow business secretary, said the news of HMV's potential demise was "deeply worrying":

"HMV is a national institution that has been a feature of our high streets for over 90 years, so this news is deeply worrying. For the sake of HMV’s employees, we hope a way can be found to keep the business going – the demise of this national institution would be a sad loss to British retail."

HMV traces its roots back to 1921, when Sir Edward Elgar, the renowned composer and conductor, opened its first store on London's Oxford Street.

Retail insiders said Deloitte is likely to be "inundated" with offers for parts of HMV's business, including its brand, but said it was unlikely that any buyer would emerge for the whole business.
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mark occomore



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PostPosted: Wed Jan 16, 2013 5:07 pm    Post subject: Reply with quote

DVD rental retailer has gone into Administration. It's another latest of the high street causalities who haven't moved with the times. 4000 Jobs are at risk. It's a gloomy start to 2013 with more people are on the dole. Mr Camerons unemployment figures are rising.
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Toggy



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PostPosted: Wed Jan 16, 2013 8:49 pm    Post subject: Reply with quote

Not surprised by Jessops or HMV and even less surprised by Blockbuster. With the likes of Netflix who actually wants to rent a DVD?
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Ian Robinson
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PostPosted: Thu Jan 17, 2013 1:55 pm    Post subject: Reply with quote

The most mind-boggling thing about HMV is the CEO Trevor Moore previously ran Jessops, Coffee Republic, Esporta, and Threshers - all of whom went bust just after he left them. How does someone like that still keep getting employed?
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mark occomore



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PostPosted: Thu Jan 17, 2013 5:30 pm    Post subject: Reply with quote

Unemployment has risen since the demise of Woolies and other retailers. With the recent closure of Comet and Jessops. Now possible some HMV and Blockbuster shops will go. At present there are 1,700 jobs gone.

Cameron's still saying everything is still on track, looks like a derailment to me.
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becky sharp



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PostPosted: Mon Jan 21, 2013 1:15 pm    Post subject: Reply with quote

mark occomore wrote:
HMV appoint administrators.

http://news.sky.com/story/1038002/hmv-board-in-crisis-talks-over-chains-future

Just heard on the news ....

"MV's administrators confirm that gift cards can be redeemed in stores from Tuesday 22 January"

Will some people have thrown theirs away in disgust,I wonder?
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Helen May



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PostPosted: Mon Jan 21, 2013 2:05 pm    Post subject: Reply with quote

Some may well have done Becky.

H
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John W



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PostPosted: Tue Jan 22, 2013 11:59 am    Post subject: Reply with quote

Good news for my mate who has £45 of HMV gift cards.

Some bad news from Midlands Co-Operative, announced it is to close its fashion and home department stores in some of the Midlands region due to competition from online shopping, putting nearly 400 jobs are at risk.

A total of 388 staff are employed at Midlands Co-Operative Home and Fashion stores in Stafford, Chesterfield, Coalville, Derby, Ilkeston, Long Eaton, West Bridgford, Wigston and Raunds.

The nine stores will close over the next six months but it is hoped most of the staff will be redeployed.

Is that the Co-op?
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mark occomore



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PostPosted: Fri Jan 25, 2013 6:02 am    Post subject: Reply with quote

Supermarkets are looking to purchased the remaining outlets. Asda don't as they don't have small outlets. ( I'm surprised Asda don't )

http://www.guardian.co.uk/business/2013/jan/23/hmv-sites-attract-interest-supermarkets
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ruddlescat



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PostPosted: Fri Jan 25, 2013 8:34 pm    Post subject: Reply with quote

mark occomore wrote:
Supermarkets are looking to purchased the remaining outlets. Asda don't as they don't have small outlets. ( I'm surprised Asda don't )

http://www.guardian.co.uk/business/2013/jan/23/hmv-sites-attract-interest-supermarkets


It's not really that surprising when one considers that ASDA is owned by American giant Walmart who certainly believe in - Big Big Big Smile
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mark occomore



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PostPosted: Thu Feb 07, 2013 3:03 pm    Post subject: Reply with quote

HMV are to close 66 stores. HMV Trocadero, London is one of the causalities.
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mark occomore



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PostPosted: Tue Feb 12, 2013 4:13 pm    Post subject: Reply with quote

FASHION chain Republic is set to go into administration, putting 1,000 jobs across the country at risk.

The retailer, which has 121 stores across the UK has shops in Darlington, Teesside Park, Middlesbrough, Sunderland, Metro Centre, Newcastle and York.

Accounting firm Ernst & Young is reportedly being lined up as administrator.
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RockitRon



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PostPosted: Wed Feb 20, 2013 3:03 pm    Post subject: Reply with quote

Yet another iconic British name, historically renowned for its quality, is going to the wall...
http://www.bbc.co.uk/news/uk-england-devon-21517018
...unlike a lot of its product, now that wooden and laminated floors are all the fashion
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mark occomore



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PostPosted: Wed Feb 20, 2013 5:19 pm    Post subject: Reply with quote

Never heard of Axminster. Why are they not getting big orders from transportation?

In meantime HMV who called in the administrators are to close an additional 37 stores.
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Helen May



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PostPosted: Wed Feb 20, 2013 5:35 pm    Post subject: Reply with quote

Axminster and Wilton were (are) THE types of carpet to have Mark.

Years ago you could pretty much tell one from the other by the width, Axminster traditionally having to be joined even in a medium sized room whereas Wilton was the broadloom variety. Well that was what I was taught during the housekeeping part of Hotel Management and it's something that's stuck in my brain!

H
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ruddlescat



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PostPosted: Wed Feb 20, 2013 9:30 pm    Post subject: Reply with quote

Both great British carpets - in trouble because quite frankly most of the present day British public are totally ignorant when it comes to such matters Rolling Eyes
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mark occomore



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PostPosted: Thu Feb 28, 2013 6:52 pm    Post subject: Reply with quote

The Republic fashion chain has been bought by Sports Direct for an undisclosed sum. They have bought 116 shops, head offices, websites and stock.
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mark occomore



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PostPosted: Fri Apr 05, 2013 2:05 pm    Post subject: Reply with quote

Quote:
Restructuring specialist Hilco has clinched a deal to rescue music and DVD retailer HMV.

Hilco, which already owns HMV Canada, said it had acquired 132 HMV shops and all nine branches of the Fopp chain in a deal that could save 2,500 jobs.


http://www.bbc.co.uk/news/business-22040237

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Must be worth saving if they think the market is still on the high street for music.
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RockitRon



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PostPosted: Sat Apr 06, 2013 9:46 am    Post subject: Reply with quote

mark occomore wrote:
Quote:
Restructuring specialist Hilco has clinched a deal to rescue music and DVD retailer HMV.

Hilco, which already owns HMV Canada, said it had acquired 132 HMV shops and all nine branches of the Fopp chain in a deal that could save 2,500 jobs.


http://www.bbc.co.uk/news/business-22040237

________________

Must be worth saving if they think the market is still on the high street for music.


Yes, the entertainment industry must have been pretty desperate to keep HMV going as the one non-supermarket, non-online outlet for their product, having been owed £237m when it went into administration, none of which they will get back.

The decision to get out of the high-technology (tablets, iPods) market - they have already been removed from the stores and the empty space filled with books - is ironic, given the City's encouragement (at the time) to diversify into what became an even more expensive and competitive line.

The "pure HMV" loyalty scheme is to be relaunched - the card and any points on them at the point of administration will still be valid, according to the website.
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RockitRon



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PostPosted: Sat Apr 06, 2013 5:06 pm    Post subject: Reply with quote

Axminster Carpets also bought out of administration as a going concern
http://www.bbc.co.uk/news/uk-england-devon-22051627
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Helen May



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PostPosted: Sat Apr 06, 2013 5:41 pm    Post subject: Reply with quote

That is good news Ron.

H
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ruddlescat



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PostPosted: Sat Apr 06, 2013 6:30 pm    Post subject: Reply with quote

RockitRon wrote:
Axminster Carpets also bought out of administration as a going concern
http://www.bbc.co.uk/news/uk-england-devon-22051627


Well I suppose the only way one could describe the new owners would be as a load of carpetbaggers Smile
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PostPosted: Tue Oct 29, 2013 5:28 pm    Post subject: Reply with quote

The DVD and Computer gaming rental retailer Blockbuster has entered into administration for the second time in a matter of months. Private equity group Gordon Brothers Europe snapped up the retailer in March, but has failed to turn it around with sales continuing to slump. 264 stores along with 2000 jobs are at risk. With downloads and netfix etc around I can't see it will last now.

http://news.sky.com/story/1161146/blockbuster-to-enter-administration-again
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