Tuesday, January 15, 2013
Please find Nipper a good home
It didn't take long did it, the collapse of HMV just fifteen days into the New Year.
I'm surprised it's taken this long t o be honest, the HMV Group accounts for 2011-12 make pretty appalling reading and to be honest despite the optimism contained within various board members reports the whole thing look doomed a long time ago. Still I suppose timing is everything and contained within the report is the small nugget of information that the group generates some 35% of its total income in the six weeks up to Christmas, I suspect that the branch returns have been collated and the downturn combined with the forthcoming rent payments left the company with no alternative but to call in the administrators.
HMV have changed dramatically over the last few years easing back on their music sales and moving more and more into technology - something that hasn't played out well in some of the smaller shops - Salisbury for instance looks a mess with nearly a third of the ground floor taken up with, ironically, products from a well known company that shares its name with the Beatles record label and is one of the reasons that CD sales have been eroded by digital downloads. The difference between HMV and say Jessops was that the former seemed to employ a lot of people who were genuine music fans or in bands themselves.
We shouldn't feel too sorry about another High Street 'name' going because we, the consumers, are the reason for their decline, I do however feel sympathy for the 4,000 odd employees who will find themselves unemployed. I also have a sneaky suspicion that somebody somewhere will make a lot of money out of this administration.
Posted by Paul at 5:42 PM