HMV in administration

[namealot]

The only surprise is it took so long thought it would have gone long ago.

http://www.guardian.co.uk/business/2013/jan/15/hmv-administrators-4500-jobs-at-risk

 

[mrh]

The only surprise is it took so long thought it would have gone long ago.

http://www.guardian.co.uk/business/2013/jan/15/hmv-administrators-4500-jobs-at-risk

The MD was previously in charge of jessops, comet and threshers :-(

 

[disruptive]

I put a couple of articles up on this:

http://approval.co.uk/hmv-finally-loses-its-voice-and-manages-to-go-bankrupt/

and

http://approval.co.uk/what-to-do-with-hmv-gift-cards-and-vouchers-now-hmv-has-gone-bust/

Enjoy.

 

[Edwin]

I put a couple of articles up on this:

http://approval.co.uk/hmv-finally-loses-its-voice-and-manages-to-go-bankrupt/

and

http://approval.co.uk/what-to-do-with-hmv-gift-cards-and-vouchers-now-hmv-has-gone-bust/

Enjoy.

I think The Guardian's advice on gift vouchers is more helpful:
http://www.guardian.co.uk/money/2013/jan/15/are-hmv-gift-vouchers-worthless-administration

 

[GreyWing]

I've not really understood why people buy gift vouchers, there is usually no discount for buying them, £10 = £10. They give no change, can usually only spend with one retailer and all could be lost when something like this happens.

Just wonder why people don't use the national gift vouchers with the Queen's head on them that give change and can be spent anywhere.

 

[Edwin]

Probably because they show a little more thought has gone into the gift because you remembered what the recipient is interested in (wine, books, gardening etc)

 

[Murray]

I've not really understood why people buy gift vouchers, there is usually no discount for buying them, £10 = £10. They give no change, can usually only spend with one retailer and all could be lost when something like this happens.

Just wonder why people don't use the national gift vouchers with the Queen's head on them that give change and can be spent anywhere.

Every christmas my grandma sends me £20 & I send her a £20 m&s voucher.. it would be weird to both send each other £20 all though I concede it's very pointless lol.

 

[cc976a]

Probably because they show a little more thought has gone into the gift because you remembered what the recipient is interested in (wine, books, gardening etc)

Also encourages the recipient to go and buy a gift for themselves.....rather than cash which could be spent on anything.

Also giving a gift voucher rather than cash to a friend can be a little less awkward (in some situations)

 

[anthony]

I've not really understood why people buy gift vouchers, there is usually no discount for buying them, £10 = £10. They give no change, can usually only spend with one retailer and all could be lost when something like this happens.

Just wonder why people don't use the national gift vouchers with the Queen's head on them that give change and can be spent anywhere.

As well as the obvious hook, they;

- Reduce cash take at the till, reducing banking costs (till cash backs also exist for this reason).
- They facilitate online purchasing.
- They allow for 'loss' (no cash refunds) contributions to the bottom line.
- They are commonly never redeemed by the bucket load.

 

[doodlebug]

When that's entertainment are doing 6 albums for £5 it's no wonder HMV are finally going under.

 

[disruptive]

As well as the obvious hook, they;

- Reduce cash take at the till, reducing banking costs (till cash backs also exist for this reason).
- They facilitate online purchasing.
- They allow for 'loss' (no cash refunds) contributions to the bottom line.
- They are commonly never redeemed by the bucket load.

The last point is rather the case as far as some of the retailers I have dealt with. The non-redemption rate can be double digits percentage, plus the business at xmas can guarantee forward cash-flow at times such as xmas as this is when most vouchers are purchased.

It's like free money to many a retailers and the first thing the administrators do is prevent discretionary items - as are gift vouchers.

Does anyone have any predictions for HMV? Could we see the brand bought?

My 2p is that the brand will be sold, but unlikely the stores will ever get used for anything to do with selling music.

 

[doodlebug]

hmv.com would be great for a download site with loads of info on the charts and info on artists, maybe even artists interviews and fanbased stuff.

 

[Systreg]

Just saw this on Twitter :

HMV vouchers now being accepted at Tesco. Just tell them HMV means Horse Meat Voucher

 

[foz]

I actually like having a hard copy (CD) of my music.

I read files are granted/licensed to you only, so you don't have the right to pass them on to your next on kin. Then again a CD has an limited archive stability of 100ish years.

 

[fish]

HMV bosses accused of gift Voucher theft

 

[AssetDomains]

I hope more people start taking a lead out of this guys book should be more consumer protection in terms of these vouchers.

http://www.independent.ie/national-...ff-refuse-to-accept-gift-voucher-3354747.html

It would be interesting to see what action the CPS would take if more people started to take direct action. May be legally wrong technically but its morally right in my opinion

 

[tifosi]

Gift cards/vouchers are essentially a loan to the company, and the card/voucher is the iou to effectively call in the loan.

So strictly speaking the administrators are within their rights to do this legally, if not morally. They're batched in with all other creditors e.g. suppliers.

It's a gray area that needs sorting. All companies in the GCVA should be forced to set up a nominal account for this money that is ringfenced from the other company accounts and/or guaranteed by an organisation or contractually that upon administration this money is returnable immediately to the creditor i.e. me/you or guaranteed redeemable against existing stock.

 

[Systreg]

Looks like HMV could well be saved: http://uk.news.yahoo.com/hmv-hilco-throws-lifeline-retail-chain-115419231--finance.html