HMV Going into Admin

[xxMATTGxx]

Not so much downloadin (Except for music but HMV sells a lot more), that's still not prevalent enough. It's more Amazon that's taking business.

Shame Amazon doesn't pay tax! Oh snap, I went there. Although I still use Amazon regardless

[GommeInc]

I'm amazed there are rumours Game Group Plc want to buy some of the HMV stores... Perhaps if the sales do go through we can expect Game to re-enter administration and be gone by the end of the year (if not early 2014) too

[-:Undertaker:-]

Another case of a retailer and shop that probably had a future in some shape or form but has gone down the pipes because of the ridiculous business rates the local councils charge shops, along with the amounts of tax that employers have to pay (National Insurance etc) and add on to that the fact that businesses now have to abide by ridiculous regulations such as minimum wage when their employee's (usually our age) aren't in many cases worth paying over £4.50 odd an hour - thats why youth unemployment is running so high and many retailers attempt to hire older workers who are worth that amount an hour.

But if you vote for higher taxes and the likes of the minimum wage then that's what you'll end up with in the end, no job.

[AlexJRiley]

If the Raktuken Group or Amazon played this smart, they could get a lot of estate quite cheaply as well as a lot of stock on the cheap and open up some stores for Play.com or Amazon. I know amazon now do a service where you can have packages delivered to lockers in a lot of locations (My closest being the Lakeside shopping centre) I think it costs a little bit extra but its far more convenient if you know you wont be home. So Amazon could easily open up a store that they can sell straight out of as well as have lockers in. And the Raktuken Group who's stock variety is so large could easily open up shops and make a killing because they're so cheap and would compete with many supermarkets and the internet for pure convenience of their cost and just picking it up at the same cost as online minus the 3-5 delivery wait.

[xxMATTGxx]

Bit of an update:

Restructuring specialist Hilco takes control of retailer

Restructuring specialist Hilco has taken effective control of music and DVD retailer HMV.

Hilco, which already owns HMV Canada, has bought the debt of HMV from the group's lenders, Lloyds and Royal Bank of Scotland.

The debt deal gives Hilco effective control of HMV which fell into administration last week.

HMV has been hit by competition from online rivals, supermarkets, and illegal music and film downloads.

An industry group of music labels and film studios were reported on Monday to favour a buyout of HMV by Hilco.

http://www.bbc.co.uk/news/business-21141209#TWEET542800

[-:Undertaker:-]

Bit of an update:

http://www.bbc.co.uk/news/business-21141209#TWEET542800

That's good news in that they're restructuring rather than dissolving it's assets, similar to the JJB acquisition by Sports Direct.