HMV RIP?

[langtoft lad]

HMV RIP - who cares...
Crap shop, selling overpriced rubbish.
Decent management would have seen the writing graffiti'd on the wall - dinosaur business model, evolve...

[ktmog6uk]

I still buy cd's - in fact it's not that long since i stopped buying vinyl and then only because i wasn't getting the time to listen properly and maintain the record deck.
Nowadays i treat downloads like i used to treat tapes - a medium for on the move or for running the ear over something i've not heard before, and i use itunes for convenience at home when i want to set up a playlist for something like when we have a few mates over. If i like it and it's available i'll buy the physical cd. I buy most used from ebay - nifty use of the right criteria nets me a lot of stuff for peanuts and now i've a new player and amp courtesy of this very forum the Thompson household is often bouncing!
A good friend used to own a real "Hi-Fidelity" type used record shop (Normans Place in Hull if anyone knew it) and i used to spend hours swapping rare vinyl, shooting the breeze, drinking coffee and taking the mick out of the customers in there when it was my day off ans swmbo was at work, great days and i miss that place terribly even now!

The world is obsessed with downloaded music. Everyone's lost sight of sound quality and the pleasure to be had from listening to music through a good hi-fi system from a high quality source. Downloads don`t cut the mustard when it comes to sound quality....but many people don`t understand the difference. Talke to any Yoof about Hi-Fi and sound quality and you'll get the vacant stare.

The internet hasn`t helped record shops. Have to admit that I buy CDs online, usually from ebay. It'll be sad to see the HMV shops go but i think it's inevitable. I think there's a viable business selling on-line but not from shops. Sad but true.

Paul

[Taff]

Another chain that (like jessops) needs to see the writing on the wall, and take some big decisions quickly before it becomes a name of the past.

It's more expensive than the net because it has bigger overheads - huge shops, in premium locations. They are generally selling music that people want to buy online. Now, it's my thought that moving into the specialist market with smaller shops stacked to the roof could turn it around.. but if the management have their heads in the sand and will just jump ship to the next big bonus role then it's game over!

[monogroover]

The world is obsessed with downloaded music. Everyone's lost sight of sound quality and the pleasure to be had from listening to music through a good hi-fi system from a high quality source. Downloads don`t cut the mustard when it comes to sound quality....but many people don`t understand the difference.

Well - you'd have to have very good ears and a genuinely excellent HiFi to hear a difference between a decent bitrate MP3 and a lossless source. That said I don't like to buy MP3s, because I'm anal about it.

[Albellisimo]

Well - you'd have to have very good ears and a genuinely excellent HiFi to hear a difference between a decent bitrate MP3 and a lossless source. That said I don't like to buy MP3s, because I'm anal about it.

Sort of comment I expect from someone who grooves in mono ;)

[j0hnbarker]

Now appointed administrators and shares suspended, according to BBC website.

[itsgotournameonit]

I have just got home and have been listening to Talk Sport.Looks imminent that the administrators will be in store tomorrow.

Looks like OP got it bang on.You have to feel for the staff.Its tough out there at the moment.

regards
Tony

[pastrana72]

I was in HMV yesterday and I would say most things were marked with a blue cross meaning 25% off marked price. I thought it was not a good sign, I could not find what I wanted on this occasion.

I think it is sad, feel sorry for the staff. I worry who will be next M&S or Whsmith are also in not a great position so I have read this evening on a business website. I will miss HMV from the high street although it is not as good as it once was I still shop there.

[ralphy]

Small dog. Free to good home. Likes listening to music. Bit mutton.

R

[Kingstepper]

I was in HMV yesterday and I would say most things were marked with a blue cross meaning 25% off marked price. I thought it was not a good sign, I could not find what I wanted on this occasion.

I think it is sad, feel sorry for the staff. I worry who will be next M&S or Whsmith are also in not a great position so I have read this evening on a business website. I will miss HMV from the high street although it is not as good as it once was I still shop there.

Amazed that WHSmith is still viable. Should have stuck to being a newsagent. A better selection of what they sell is usually available elsewhere on the high street (games, books, cards, stationary, crappy Christmas gifts, foreign currency etc.).

Same goes for Boots who now seem to sell everything from cameras to sandwiches.

[gentlemenpreferhats]

Now appointed administrators and shares suspended, according to BBC website.

Interesting to note that head honcho Trevor Moore used to run Jessops.
Seriously.

[thorpey69]

Well I guess that's my son out of his job by the looks of things. :-(

[Albellisimo]

Interesting to note that head honcho Trevor Moore used to run Jessops.
Seriously.

He was only brought in when Fox left to sort the wind down....

[gentlemenpreferhats]

He was only brought in when Fox left to sort the wind down....

My impression was he was bought in to stop the beast dying- your info could be better than mine of course. You could also argue that both companies had fundamentally the same problem and at Jessops they just kicked the can down the road.

In any case, the coincidence is bitter.

[Albellisimo]

My impression was he was bought in to stop the beast dying- your info could be better than mine of course. You could also argue that both companies had fundamentally the same problem and at Jessops they just kicked the can down the road.

In any case, the coincidence is bitter.

Credit with all the labels and film studios was up until end Jan then it was pretty much curtains as rents were due as well. Everyone will get their stock back under 'retention of title' same as when EUK went tits up. Shame though. Folk need to treasure their local indie stores and support them for the sake of saving £1 online.....

- - - Updated - - -

My impression was he was bought in to stop the beast dying- your info could be better than mine of course. You could also argue that both companies had fundamentally the same problem and at Jessops they just kicked the can down the road.

In any case, the coincidence is bitter.

Credit with all the labels and film studios was up until end Jan then it was pretty much curtains as rents were due as well. Everyone will get their stock back under 'retention of title' same as when EUK went tits up. Shame though. Folk need to treasure their local indie stores and support them for the sake of saving £1 online.....

[Bootsy]

I hear they're in administration officially tomorrow. Shame

[Steve748]

The problem I had with the likes of HMV and Virgin was that they would stock 25 to 50 of a CD from one artist which was usually the latest one hit wonder but artists like JJ Cale, Clapton or BB king they would stock one or two out of 20 or 40 albums of the stuff they produced.

I can' understand in today's computerised worlds why they couldn't stock at least one of all the mainstream artists and reorder and restock when something sold.
For years I have bought CD's from eBay and amazon and vinyl from specialist vinyl sellers and I usually get stuff in a few days.

[andrewcregan]

According to the BBC . . .

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 is being suspended, the company said in a statement.

[KavKav]

Yet more thousands to be thrown on the dole, yet the cretinous idiots in charge still think business rates should be increased!

Way things are going our high streets will soon comprise of betting shops, charity shops, tanning salons and payday loan outfits, yet we continue to fling multi-millions at overseas aid in spite of being swamped by immigrants and having our health services creaking at the seams. I am not even going to mention the EU, savings rates and the pension con!

Rack and Rooney here we come and hell's handcart is our transport, thanks LabConLib.

On a more cheerful note, I hope you guys have a really good day!

[Auto]

Yes indeed, a major blow. Especially as the Champs Elysées megastore has a really impressive vinyl section.

Yes it’s a shame, I myself have visited this store and it was a wonderful experience! Sad to see it go I can’t think what the high street will become when all physical shopping disappears?

[Backward point]

With reference to earlier comments concerning Marks and Spencer, W H Smith and Boots, while M&S's figures tend to mirror general trends on the High Street, they are diverse enough (and smart enough to move out of areas which aren't performing, i.e. electronics) and robust enough.

W H Smith and Boots are different to M&S but similar to each other - High Street stalwarts, generally benign and easy to deal with as far as suppliers were concerned, then fell into Private Equity ownership. This resulted in asset sales and concentration on margins. Both employed specialist accountants to go back over the accounts and claim any supplier discounts which had been overlooked in previous years. Boots trimmed their own warehousing and delivery infrastructure and effectively told many of their suppliers to hold stock in their own warehouses and deliver it to stores as and when. Both discount heavily - Boots have "3 for 2" offers everywhere you look and Smiths' often paltry selection of books, music and DVD's is usually on offer.

Both give the impression that you're shopping in a rummage sale, and clearly neither bother to spend much on their staff.

Smiths have their distribution infrastructure to underpin the business, as well as the in-store sales of papers and magazines. These sales will, over the coming years, suffer from on-line competition, but there's a while to go yet. Boots have their sales of cosmetics and fragrances as well as low margin, high turnover daily essentials which, so far, don't seem to suffer much from on-line competition.

Both, in my view, will need to trim their High Street presence over the coming months and years, as they appear unsustainable at current levels.

Meanwhile, we have threads like this one, bemoaning and mourning the loss of familiar High Street shops, and threads in Watch Talk either asking "how much discount can I expect to wring out of an AD for (insert name of watch here)", or rejoicing at having achieved a victory by beating an AD down by 20%.

Be careful what you wish for.


Regards

Ian

[gentlemenpreferhats]

With reference to earlier comments concerning Marks and Spencer, W H Smith and Boots, while M&S's figures tend to mirror general trends on the High Street, they are diverse enough (and smart enough to move out of areas which aren't performing, i.e. electronics) and robust enough.

M&S sales were still up last year and they claim to have outperformed the rest of the high street over xmas. They're still very profitable and have relatively little debt. And they're still run by real retailers not Private Equity.

Meanwhile, we have threads like this one, bemoaning and mourning the loss of familiar High Street shops, and threads in Watch Talk either asking "how much discount can I expect to wring out of an AD for (insert name of watch here)", or rejoicing at having achieved a victory by beating an AD down by 20%.

Be careful what you wish for.

Its almost as if seeking short term savings might bring long term losses? or something like that?

[adrianw]

HMV RIP - who cares...
Crap shop, selling overpriced rubbish.
Decent management would have seen the writing graffiti'd on the wall - dinosaur business model, evolve...

I care, if nothing else, my kids have about £100 in vouchers they can't spend!!!!!!!

[adrianw]

at this rate the high street will die, none of us will have jobs, we wont shop online because we cant afford broadband, we wont be here

we're all doomed!!!!!!!

[Kingstepper]

......Meanwhile, we have threads like this one, bemoaning and mourning the loss of familiar High Street shops, and threads in Watch Talk either asking "how much discount can I expect to wring out of an AD for (insert name of watch here)", or rejoicing at having achieved a victory by beating an AD down by 20%.

Be careful what you wish for.......

Very true!

[gingerboy]

The administrators have instructed stores to no longer accept gift cards / vouchers / ecodes so hopefully none of us had any for Christmas that were being saved up?

A real shame to see another brand against the wall, as already said though it isn't surprising given the archaic business model they seemed to be using

Paul

[kibrisjason]

So what is the tally up to so far.

Past Times
Comet
Thorntons
Clintons
JJB Sports
Jessops
HMV
Woolworths

Have i missed any, its all very sad. Unless the business rates get a major rethink, the High Street will be empty for years to come.

[kace]

So what is the tally up to so far.

Past Times
Comet
Thorntons
Clintons
JJB Sports
Jessops
HMV
Woolworths

Have i missed any, its all very sad. Unless the business rates get a major rethink, the High Street will be empty for years to come.

Clinton and Thorntons are still going, with fewer shops but still plenty of them.


For how much longer is open to debate as they both appear to be badly run.

[Rod]

A sad loss if they go, but understandable. The other day I was demonstrating some kit with a piece of music by Erik Truffaz. The person listening really loved the album and said he would pop to HMV to order it. They told him it would be £18 for the CD.. so he declined to purchase.I went on Amazon & there it was £6.38 inc. free delivery. He had it in his hands within 3 days.

Rod

[Backward point]

There's a fairly comprehensive list here:

http://www.retailresearch.org/whosegonebust.php

[MB2]

Reading in the Times today said they made record profits 2 years ago following some restructuring so the collapse certainly came very quickly at the end - even if it was obvious now.

[vulcangascompany]

A sad loss if they go, but understandable. The other day I was demonstrating some kit with a piece of music by Erik Truffaz. The person listening really loved the album and said he would pop to HMV to order it. They told him it would be £18 for the CD.. so he declined to purchase.I went on Amazon & there it was £6.38 inc. free delivery. He had it in his hands within 3 days.

Rod

Too right, HMV suspiciously always stocked ALOT of 'export' cds - so instead of £9.99/10.99 it was £15-20. I think they just had special stickers made up - complete rip off - i stopped shopping there about 20 years ago. Their cd selection of non main stream artists was dreadful, always left empty handed..

[thegreatdogwood]

HMV RIP - who cares...

I suspect the kid that was given HMV vouchers for Xmas from his grandparents and they are now worthless............

[crazyp]

This is simply the slow death of high street retail. One of the major causes is that retail space is just too damn expensive. Given margins are already tight in competitive markets such as music, DVD & electronics this will only continue. Stores where one must try before buying i.e. clothes may survive as well as some boutique brands.

What we may see is rent coming down as a consequence as big chains go under and maybe a few independents take a punt at high street business which is not necessarily a bad thing.

[Albellisimo]

Blockbuster next............

[langtoft lad]

I suspect the kid that was given HMV vouchers for Xmas from his grandparents and they are now worthless............

Sorry for the recipients of course, but gift vouchers have had an awful history of becoming valueless, so I'd have thought everyone would treat them with extreme caution.
I'd certainly not buy anyone a voucher, and if I got one it would be exchanged ASAP.

[kibrisjason]

There's a fairly comprehensive list here:

http://www.retailresearch.org/whosegonebust.php

Oh my that is a very depressing list, i had forgoten about a dozen of the companies on there already.

[Albellisimo]

I suspect the kid that was given HMV vouchers for Xmas from his grandparents and they are now worthless............

If they were bought with a credit card or debit card the money might be able to claimed back via Section 75 of the consumer credit act or chargeback.

[100thmonkey]

I love CD's theres nothing better for car audio and I also love a good ponder through the HMV racks to find a lost gem that I havent heard for a while, I hate the fact that so many borrow and download music illegally when it cost less than a tenner for hours and hours of pleasure

[CardShark]

After hearing the news this morning about the company going into administration I thought I'd have a brouse through my local store, I probably have a nosey at least once a month, and apart from the Xmas period I haven't seen that place so busy in yonks! People not only looking at the CDs and DVDs in the discount section (where I picked up a couple of 2 for £10 CDs) but also throughout the rest of the store, good queue at the tills as well. A number of signs up saying that vouchers couldn't be accepted and I over-heard one couple challenge that with an assistant at the till, dispite being on the sharp end of some serious grief I have to say that the assistant dealt with it very professionally.

[jimmerjammer]

Sad imo i used to love the one on Oxford st across road from oxford circus .

[Kingstepper]

Wittards
Electronic Boutique
Gul

Wittards is still going.

[funkstar]

So what is the tally up to so far.

Past Times
Comet
Thorntons
Clintons
JJB Sports
Jessops
HMV
Woolworths

Have i missed any, its all very sad. Unless the business rates get a major rethink, the High Street will be empty for years to come.

Clintons was different. No other way to put it, but they were f**ked over by an American company who snapped up their debts then called the loans in. Don Lewin is in the processes of taking legal action over the whole scenario.

But the point does remain that the high street is changing quickly.

[funkstar]

Sad imo i used to love the one on Oxford st across road from oxford circus .

I was in there today. Queues almost out of the door, more stock than I have ever seen, 3 BlueRays, 2 DVDs and one album for £20 = :)

[langtoft lad]

Remember we are talking about 4,000+ peoples jobs.
Somebody said on the radio this morning if it was a car plant or a factory the government would be all over it
with special initiatives to save the jobs.

Oh enough of the faux handwringing!
Crap business model, Crap management, Crap shops.
The consumer has decided HMV didn't have the product they wanted, in an environment they wanted at a price they wanted - and so unsurprisingly, it has gone to the wall.
It's a completely spurious comparison to car manufacturing plants. Cds/dvds are still made and sold.
HMV is/was just a badly run retailer - would the government step in to save a car dealership chain such as Marshals? That's a more realistic comparison. I doubt it.

[kace]

Wittards is still going.

As is Electronic Boutique albeit under the Game brand...for the time being at least.


When did HMV expand their retail business? when I was a kid I only remember the Oxford St store, then suddenly they appeared on every high street.

[rdwiow]

Whilst i have every sympathy for the staff who may lose their jobs.
Sadly what goes around, comes around...how many small independent 'record' shops went to the wall when HMV appeared on every High St?

[Albellisimo]

Blockbuster next............

Bingo! For the doubters.......

[linacman]

I went into my local HMV today, even with the discounted prices they were still nowhere near the online retailers, I bought a couple of pre owned albums, all the new music was still overpriced compared to any supermarket and the dvd boxsets (eg Superman films) were more expensive for the dvds than for the entire series on Bluray from the online retailers. I would rather own a physical copy of the media I buy but would not pay over the odds for it.

[100thmonkey]

The voucher thing is disgusting, My daughter had £30 worth which I know isnt a bank breaker but alot to a kid and now nothing, its so so wrong I hope the PM's lean on them to sort it