It’s finally happened. HMV, the last major seller of music and films on the UK highstreet, has called in the administrators.
They’ve brought in Deloitte who will take over their 238 stores, leaving over 4,000 employees’ future hanging in the balance. Their shares have been suspended in the meantime on the London Stock Exchange but its shops will remain open while Deloitte assesses the business and seeks potential buyers. At lot of you are probably thinking about the situation with your gift cards that you from Santa. Sadly right now they’re worthless but they may be accepted again in the near future.
Several attempts over the last few years have all been unsuccessful, including being propped up Disney, EMI and Universal in return for a stake in the company, but after another request for money was turned down it’s end of the road. In total they needed another £300 million.
Many people will be happy to see the end of them charging too much for Blu-ray boxsets but the loss of the only real place to buy films of the high street will be a big loss to us all. But the evidence that they didn’t move with the times over the last decade is all too apparent. We reckon that even if all the stores close, the HMV name will remain online only in the same way Woolworths still lives on.
Sadly it sounds like little Nipper the dog won’t be hearing his master’s voice for much longer.