Ash4781 Posted March 1, 2011 Share Posted March 1, 2011 Just on BBC HMV profit warning and update on debt covenants. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted March 1, 2011 Share Posted March 1, 2011 More sign of a robust recovery? Or a shop with a poor business plan? Quote Link to comment Share on other sites More sharing options...
the flying pig Posted March 1, 2011 Share Posted March 1, 2011 dead. amazon, the supermarkets, & downloading have killed specialist music shops. they're part of the past, like, uh, blacksmiths & whatnot. sad but inevitable. Quote Link to comment Share on other sites More sharing options...
bogbrush Posted March 1, 2011 Share Posted March 1, 2011 More sign of a robust recovery? Or a shop with a poor business plan? The latter. Obsolete business model. The shock would be if they made a good profit. Quote Link to comment Share on other sites More sharing options...
aussieboy Posted March 1, 2011 Share Posted March 1, 2011 dead. amazon, the supermarkets, & downloading have killed specialist music shops. they're part of the past, like, uh, blacksmiths & whatnot. sad but inevitable. Specialist music shops are doing better than the generalists. Quote Link to comment Share on other sites More sharing options...
The Ayatollah Buggeri Posted March 1, 2011 Share Posted March 1, 2011 Specialist music shops are doing better than the generalists. By 'specialist music shops', I suspect that TFP meant 'high street shops that sell wholly or mainly audio-visual content to consumers on physical media'. Agreed - HMV are going the same way as Blockbuster, and for the same reason. Quote Link to comment Share on other sites More sharing options...
keef Posted March 1, 2011 Share Posted March 1, 2011 The thing is HMV's online presence is pretty good, prices often better than Play & Amazon and they deliver far more quickly than those two for free. In fact their shops have a Hell of a lot of bargains in them every day, maybe in trying to compete on price they have cut their margins to the quick ..? Quote Link to comment Share on other sites More sharing options...
fadeaway Posted March 1, 2011 Share Posted March 1, 2011 The thing is HMV's online presence is pretty good, prices often better than Play & Amazon and they deliver far more quickly than those two for free. In fact their shops have a Hell of a lot of bargains in them every day, maybe in trying to compete on price they have cut their margins to the quick ..? Are you kidding? Their prices are terrible. Every. Single. One. of their xbox games are priced higher than gamestation or game around the corner. They sell things for £40 competitors have reduced to £25, they're completely out of touch with what games flop or not, or how long they have been out. Reminds me of Woolworth's video game section. Quote Link to comment Share on other sites More sharing options...
keef Posted March 1, 2011 Share Posted March 1, 2011 Are you kidding? Their prices are terrible. DVDs & PS3 games are cheap as chips there, have bought probably 25 in the last year, got Virtual Tennis 3 for £6.99 the other day. But yeah, looks like there'll be another empty shop in hundreds of High Streets in the coming months ... The big shame will be for the workers, cos I've always found HMV staff to be very friendly & polite. Quote Link to comment Share on other sites More sharing options...
Monkey Posted March 1, 2011 Share Posted March 1, 2011 DVDs & PS3 games are cheap as chips there, not in Southampton, if i cant wait i find HMV more expensive than Game and Game Station frequently even the supermarkets are cheaper for most. if i can wait i'll buy on line Quote Link to comment Share on other sites More sharing options...
Lagarde's Drift Posted March 1, 2011 Share Posted March 1, 2011 This is starting to feel a bit like Cunnaught Quote Link to comment Share on other sites More sharing options...
longtomsilver Posted March 1, 2011 Share Posted March 1, 2011 not surprised by this either. add it to the high street retail death list : HMV WH Smiths Quote Link to comment Share on other sites More sharing options...
mhifoe Posted March 1, 2011 Share Posted March 1, 2011 Are you kidding? Their prices are terrible. Every. Single. One. of their xbox games are priced higher than gamestation or game around the corner. They sell things for £40 competitors have reduced to £25, they're completely out of touch with what games flop or not, or how long they have been out. Reminds me of Woolworth's video game section. Our HMV changed most of the downstairs stock to games and T-shirts. Unfortunately there are two branches of Game within 100 yards with a good range and lower prices. I used to have an occasional browse round the music with the kids, but they've moved all the music to the second floor and they don't have a lift. So I just buy CDs from eBay or Play instead. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted March 1, 2011 Share Posted March 1, 2011 not surprised by this either. add it to the high street retail death list : HMV WH Smiths WHSmiths is targeting the discerning millionaire stationery shopper who likes shabby stores, terrible customer service from NMW slaves who (rightly) don't like their jobs, and paying full RRP for everything. It's an often overlooked niche. Quote Link to comment Share on other sites More sharing options...
northwestsmith2 Posted March 1, 2011 Share Posted March 1, 2011 The staff could stage a takeover, 14,154 full time employees and a market cap of £68.83m is about £2K for majority ownership with options at the current price being phased in. Their rating would go up and suppliers could get cheaper credit insurance, profit is going to be around £45 Million (before today's warning) and their debt would be reduced. Employees could have a greater say and a motivation to improve the business. I'm sure they have a large number of part time and full time employees working the tills and restocking, they should know what the business needs to succeed if they are the same young urbanites who work in most of their stores. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted March 1, 2011 Share Posted March 1, 2011 HMV Executive Directors Simon Fox 2010 £874,000 2009 £579,000 +51% Neil Bright 2010 £559,000 2009 £349,000 +60% Gerry Johnson 2010 £494,000 2009 £312,000 +58% Non-Executive Director Robert Swannell 2010 £200,000 2009 £50,000 +300% http://www.hmvgroup.com/investors/financial-reports/reports-results/~/media/Files/H/HMV-Group/Annual%20Reports/hmv_annual-report-2010.pdf Quote Link to comment Share on other sites More sharing options...
the flying pig Posted March 1, 2011 Share Posted March 1, 2011 By 'specialist music shops', I suspect that TFP meant 'high street shops that sell wholly or mainly audio-visual content to consumers on physical media'. Agreed - HMV are going the same way as Blockbuster, and for the same reason. aye, cheers. Quote Link to comment Share on other sites More sharing options...
200p Posted March 1, 2011 Share Posted March 1, 2011 Profit warnings usually come in threes. Quote Link to comment Share on other sites More sharing options...
fellow Posted March 1, 2011 Share Posted March 1, 2011 I bet if rents were lower, they would be able to survive. Can't have that though can we? Quote Link to comment Share on other sites More sharing options...
nice tuna sandwich Posted March 1, 2011 Share Posted March 1, 2011 The staff could stage a takeover, 14,154 full time employees and a market cap of £68.83m is about £2K for majority ownership with options at the current price being phased in. Their rating would go up and suppliers could get cheaper credit insurance, profit is going to be around £45 Million (before today's warning) and their debt would be reduced. Employees could have a greater say and a motivation to improve the business. I'm sure they have a large number of part time and full time employees working the tills and restocking, they should know what the business needs to succeed if they are the same young urbanites who work in most of their stores. i would love to see this any similar situations in the past where this has worked? Quote Link to comment Share on other sites More sharing options...
northwestsmith2 Posted March 1, 2011 Share Posted March 1, 2011 i would love to see this any similar situations in the past where this has worked? Not that I know of, it mostly refers to the Soviet Union. The West would get a bank to lend the employees the money to buy the shares and make a bonus from it. HMV could convert it's debt to shares and pay them to employees instead of money as part of their salary. That way it would be debt free quite quickly but involve more trust than a takeover or buyout. Anyone else know of it working? Quote Link to comment Share on other sites More sharing options...
monks Posted March 2, 2011 Share Posted March 2, 2011 Not that I know of, it mostly refers to the Soviet Union. The West would get a bank to lend the employees the money to buy the shares and make a bonus from it. HMV could convert it's debt to shares and pay them to employees instead of money as part of their salary. That way it would be debt free quite quickly but involve more trust than a takeover or buyout. Anyone else know of it working? What do the employees do with the shares ? Are they accepted for payment for 8 bottles of WKD in Yates on a Friday night ? Does Abdul gladly swap them for an extra chilli sauce doner kebab on the way home ? Quote Link to comment Share on other sites More sharing options...
Cinzano Bianco Posted March 2, 2011 Share Posted March 2, 2011 HMV Executive Directors Simon Fox 2010 £874,000 2009 £579,000 +51% Neil Bright 2010 £559,000 2009 £349,000 +60% Gerry Johnson 2010 £494,000 2009 £312,000 +58% Non-Executive Director Robert Swannell 2010 £200,000 2009 £50,000 +300% http://www.hmvgroup.com/investors/financial-reports/reports-results/~/media/Files/H/HMV-Group/Annual%20Reports/hmv_annual-report-2010.pdf Lol, amazing. The blatant looting is incredible! Quote Link to comment Share on other sites More sharing options...
Cinzano Bianco Posted March 2, 2011 Share Posted March 2, 2011 not surprised by this either. add it to the high street retail death list : HMV WH Smiths Though not retailers, I was thinking about outdated business models due to the internet the other day. The reason for thinking about it was that I noticed we have a travel agency in our (fairly large) village. I appreciate that most of the high street agencies have added currency exchange desks and the like, but surely most holidays are booked online these days? Quote Link to comment Share on other sites More sharing options...
rantnrave Posted March 2, 2011 Share Posted March 2, 2011 The Internet is reshaping the High Street. It's a process that started a decade ago and has gathered momentum during the recession, but the economic downturn is not the primary factor here. Quote Link to comment Share on other sites More sharing options...
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