Administrators Shutter HMV Stores

Administrators Shutter HMV Stores

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Between 60 and 100 HMV outlets will shut, and HMV has sold its stake in G-A-Y.

You may not be able to shut down Twitter, but you can close stores and fire employees, as HMV's bankruptcy administrator Deloitte knows only too well. Between 60 to 100 stores - out of a current total of 223 outlets in the UK - will close, as part of the restructuring process.

It's believed that Deloitte pictures HMV's future as a much slimmer operation, with perhaps only 120 stores in its portfolio. "I remain hopeful we will be able to secure a future for a restructured business," said Nick Edwards, one of Deloitte's Joint Administrators for the troubled UK high street firm, even as the 190 HR staff were Tweeting dismay over being given their marching orders. With this new announcement comes the news that 1,500 additional jobs are now at risk. The affected stores will remain open until all stock is sold, but once that's done, so are they.

As part of the breakup, HMV is also out of G-A-Y. The music retailer had a majority stake in entertainment venues, including the G-A-Y bars and Heaven, which has hosted performers such as Madonna, Lady Gaga and Cher, among many others, during its 30+ year history. HMV's G-A-Y holding was the last remnant of its nightclub portfolio. HMV's stake in the clubs has been bought by a holding company owned by Jeremy Joseph, founder of G-A-Y Group Limited.

"This will benefit the creditors of HMV," said a Deloitte spokesman, "and we wish Mr Joseph the best in the beginning of a new era for G-A-Y."

Source: The Telegraph

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Awww they can have some of my gay.

Hmmm, well it's a terrible economy. Look at what's happening to Best Buy and Gamestop over here in the US.

It's rapidly getting to the point where "once juggernaut businesses closing hundreds of stores" doesn't have much effect. Hearing about flourishing businesses at the moment would be more unusual.

You can bet your second-class virginity the ONLY decent store my side of Plymouth will close.

Always loved going in and picking some CDs out of the 2 for 10 section.

Then again, they never stocked any Seether. Dickbags.

Therumancer:
It's rapidly getting to the point where "once juggernaut businesses closing hundreds of stores" doesn't have much effect. Hearing about flourishing businesses at the moment would be more unusual.

Funnily enough, independent record stores are on the up in the UK. They're profiting from music fans looking for physical discs from bands that HMV began stocking less and less in their efforts to chase the mainstream money. After HMV spent three decades systematically running indies out of business I find the irony of the situation marvellous.

...what's an HMV, and why did they have to spell out Gay? I'm pretty sure we know how to spell it by now.

Oh good, there goes the literal last good store in my town. Now all I'm left with is hundreds of shitty clothes shops, 8 bookies and 4 mcdonalds.

Rumors are GAME which is ironically now run by a former HMV boss who was head of purchasing back many years ago, will stock more music if and when HMV partially or totally colapse.
Game who also are now eyeing up select HMV stores as well, guess it wasn't such a bad xmas for them at all, even with the shadow of optcapita hanging over them.

We definately are cursed and blessed in almost every walk of life to live in intresting times.

Me55enger:
You can bet your second-class virginity the ONLY decent store my side of Plymouth will close.

Always loved going in and picking some CDs out of the 2 for 10 section.

Then again, they never stocked any Seether. Dickbags.

Yep. We want any new DVDs now, it's scavenging in the supermarkets or walking all the freakin' way to blockbuster. Then again, that ain't doing too good either.

I really hope they manage to salvage the company. DAMMIT, I AIN'T READY TO GO ONLINE SHOPPING.

 

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