HMV going into bankruptcy

[Correction]

http://i.minus.com/ibt86yGHYnCG2Z.png
Despite having a month-long sale going on, the financial news at HMV is pretty grim. They're going to announce it tomorrow but the stocks been tanking since December and their debt problems haven't gone away. UK media retailers are having a rough last couple of years.

You likely have until tomorrow morning to use any vouchers or coupons good towards purchases at their retail/online locations, as once a company is in bankruptcy the first thing they do is stop honoring gift cards, coupons, etc. Be sure to cancel any preorders as well.

BBC now has the latest coverage.
SKY News coverage.

[Builttolast]

Haven't shopped at an HMV store since the 90s. Surprised they were relevant and solvent for this long.

[BadKarma]

What is HMV?

[The Stig]

What is HMV?

In all seriousness, I brought 5 Blu Rays with them 2 weeks ago and they still haven't come. I wonder if this is the reason lol

[Kaisha]

The last time I went into an HMV I was gawking at how high their prices was on everything compared to other retailers.

[Odin'sLaw]

The last time I went into an HMV I was gawking at how high their prices was on everything compared to other retailers.

trick with HMV used to be they would price match any other store (was great if you forgot to pre-order anything go to hmv they would have most of the stock and willing to sell at the lowest price) over the past year they have been doing a store credit refund only on anything returned, I'm pretty sure it's illegal to actually do this without verbal and written information upon buying the product

[vagus]

HMV used to be the place to buy Import CD's. I used to love running to this place after school on a Tuesday to check out the newest releases. Now I just go into the store to look at the CD covers of the CD's i just downloaded. Also to browse the DVD selection to see which I should purchase on Amazon later.

[NynJa]

I dont get why companies stayed in this game when everything became digital

[hey]

Never heard of them.

[Correction]

I dont get why companies stayed in this game when everything became digital

HMV is in this situation due to dire mismanagement, but Amazon does enjoy an unfair competitive advantage.

[Skjie]

HMV is in this situation due to dire mismanagement, but Amazon does enjoy an unfair competitive advantage.

Pretty sure HMV is mostly in this position because they stuck with being farriers in 1908.

[Laugana]

I haven't shopped in HMV since the late 90's, probably for Meat Loaf CDs.

[Tyrath]

I have never seen one of these stores in my life.

But saw a news article earlier today about people in Ireland being pissed because they were not accepting gift cards and people had bought tons of them over the holidays.

[Odin'sLaw]

I have never seen one of these stores in my life.

But saw a news article earlier today about people in Ireland being pissed because they were not accepting gift cards and people had bought tons of them over the holidays.

just under half a mil in unused gift cards apparently :/ that's a lot of money to claim "you have no rights to" although credit card company's will refund your money is paid with via credit card

[Laugana]

I think The Daily Star had an article about someone threatening violence about their vouchers not being accepted, ah here it is: http://www.dailystar.co.uk/news/view...ff-terrorised/

POLICE were called as furious shoppers held HMV staff “hostage” for refusing to accept gift vouchers yesterday.

One music lover threatened to kill workers at the music chain, which has stopped taking tokens after calling in administrators.

The angry scenes were fuelled by news the retail giant continued to sell gift vouchers after revealing it was going to the wall. They were on sale until as late as Monday from its 239 stores across the UK.

Sandra Doyle, 43, from Shepherd’s Bush, west London, said: “I came with my son’s and husband’s cards. They were really worried and it seems with good reason. I have been told that I can’t use any of them. It is shocking.”

Natalie Brown, 27, from Manor House, north London, added: “I went in this morning to get rid of my Christmas gift cards. I got £30 this year and wanted to get the Sex And The City box set but was told I can’t. I’m gutted.”

Twitter user Ivor Grumble wrote: “Sly bastards. #HMV must have known the end was near, yet sold thousands of pounds of vouchers they knew wouldn’t be valid a few weeks later.”

Actor James Buckley, 25, who starred as Jay Cartwright in hit comedy The Inbetweeners, warned his followers: “What’s going on with HMV? Seriously if you have gift vouchers for anything spend them now before the store stops existing!”

In one branch, in Ayr, staff even called in the police. Shop assistant Lauren Duncan, 20, who works opposite the store, said: “Four police officers arrived after a disturbance at HMV. Apparently the staff felt that they were being held hostage in there. One man in particular went off his head when he was told they couldn’t refund his gift voucher and was threatening to kill everyone in the shop and help himself to DVDs.”

Fed-up shopper Samantha Hainey, 34, said she was told by an HMV sales assistant that members of staff who accepted vouchers would be sacked.

The group said it had redeemed a significant amount of gift cards but only made the decision to stop issuing them on Monday when it became clear the company had gone bust. Administrators Deloitte are looking for a buyer for some or even all of the business but it is likely that most stores will close. Orders placed at the firm’s website will continue to be fulfilled. HMV’s place in the market has been squeezed by internet retailers and supermarkets. But last night chief executive Trevor Moore said he was “convinced” the firm could secure its future.

[Stanislaw]

In related news:

http://www.guardian.co.uk/business/2...administration

Blockbuster UK goes into administration

Collapse of video and games rental company puts 4,190 jobs at risk, as internet competition takes its toll on another high street retailer

http://static.guim.co.uk/sys-images/...-into--007.jpg
Blockbuster UK goes into administration. Photograph: Katie Collins/PA

Blockbuster, the video and games rental company, has become the latest high street name to collapse into administration.

The rising popularity of internet film rental services like iTunes and Lovefilm have taken their toll on Blockbuster's 528 high street video rental stores, and the company is now loss-making.

The chain's collapse, which puts 4,190 jobs at risk, follows that of music retailer HMV earlier this week and will be seen as yet another sign of the devastating impact of the internet on bricks and mortar retailers.

Blockbuster is owned by the satellite broadcaster Dish Network, which was reported to have put the loss making UK business up for sale last year. It is understood Blockbuster's US and Danish businesses continue to trade as normal.

The company announced on Wednesday it had appointed Deloitte as administrator of its UK arm, which will continue to trade as it seeks a buyer for all or parts of the business.

After consumer anger over HMV's decision not let customers redeem record tokens sold over Christmas, Deloitte rushed out a statement promising to honour gift cards and credit acquired through Blockbuster's trade in scheme, where movies, games and consoles can be exchanged for credit and cash.

"In recent years Blockbuster has faced increased competition from internet based providers along with the shift to digital streaming of movies and games," said joint administrator Lee Manning.

"We are working closely with suppliers and employees to ensure the business has the best possible platform to secure a sale, preserve jobs and generate as much value as possible for all creditors."

[Acevalefor]

In related news:

http://www.guardian.co.uk/business/2...administration

All of the Blockbuster stores closed in my area. There was talk of complete liquidation and full blown bankruptcy in 2010. I am surprised that they are still operating in parts of the US and UK.

[Lliandra]

I think The Daily Star had an article about someone threatening violence about their vouchers not being accepted, ah here it is: http://www.dailystar.co.uk/news/view...ff-terrorised/

Apparently some old man was so incensed he just took the 3 games he wanted off the shelf and walked out with them. Like a thieving baws.