The last high street chain to specialise in music and movies is headed into administration. I for one will miss them.
But I should admit that I’ve been quite naughty with HMV at times. I’ve gone in and snooped around, seen something I’ve fancied then whipped out my phone and ordered it online, from wherever I could get the best deal. And I’ve done this, most often, while I was still standing in the shop.
I’ve heard people call it “showrooming,” the act of roaming around a bricks and mortar store then purchasing online – or, in the more extreme case, I suppose, heading off to download a pirate copy.
Towards the end of last year, Mrs. Connelly suggested we apply a “use it or lose it” mentality to the local HMV, so we went in, had a browse and then actually bought a few things, there and then. Too little, quite obviously, and too late, I now see. One tiny drop in the bottom of a quickly draining swimming pool.
Here’s HMV’s official statement:
On 13 December 2012, the Company announced that as a result of current market trading conditions, the Company faced material uncertainties and that it was probable that the Group would not comply with its banking covenants at the end of January 2013. The Company also stated that it was in discussions with its banks.
Since that date, the Company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach. However, the Board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the Company and certain of its subsidiaries with immediate effect.
The Directors of the Company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business.
It is proposed that Nick Edwards, Neville Kahn and Rob Harding, partners of Deloitte LLP, will be appointed as the administrators of the Company and certain of its subsidiaries.
The Company’s ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect.
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