HMV set to go into administration

super_furry

http://news.sky.com/story/1038002/hmv-poised-to-call-in-administrators

Been on the cards for a long time but it would be a big blow for gamers here. Even in they avoid administration there's every chance they could close their Irish operations and we'd be stuck with just Gamestop having a virtual monopoly on anything but the latest releases.

Corholio

The current guy who runs it is the former chief executive of Jessops?

Holy ****, he's like a one man destructive force.

Asmodean

Gonna be a massive blow to us here in galway if they go under. Only decent entertainment store in town at the moment with the exception of a couple of small shops.

peteeeed

when tower went under worldwide , the irish stores wer kept open , id wouldn't be suprised if someone kept the irish stores open or they were taken over as they always seem to be busy

ShadowHearth

Well one thing for sure: get wrid of your vouchers now.

Fritzl Funderland

hey are the vouchers still valid despite administration!

Clover

Have €75 worth of HMV vouchers , will have to head down to my local one first thing to see if they are still valid .

Thats if it's open of course.

Amirani

Won't make a difference to me seeing as they don't sell PC games.

Tij da feen

Makes a massive difference to the console gamers no doubt. They seem to be the cheapest most of the time when it comes to buying in B&M. At the very least I could see a GAME situation happening here where they'll close down the Irish stores and keep some UK open if they can find someone who will take on the debt.

peteeeed

Reports in the uk saying you need to use your vouchers by tomorrow , not sure if that applies over here

EyeSight

great now there's nowhere in Ireland to buy games except gamestop which is always overpriced!
do smyths still sell console games? its a bit of a joke that in this country there will be 1 company selling games, which is such a big industry
guess i'll buy online

ussjtrunks

So can gamestop charge us 70 euro for new games yet lol, I think Amazon will get the majority of my business if hmv close

Tij da feen

EyeSight wrote: »

great now there's nowhere in Ireland to buy games except gamestop which is always overpriced!
do smyths still sell console games? its a bit of a joke that in this country there will be 1 company selling games, which is such a big industry
guess i'll buy online

Gamestop, Argos, Smyths and Xtra-Vision. Argos, Smyths and Xtra-Vision can sometimes have good deals but I doubt you'd find a good deal in Gamestop very often. Amazon are reasonably enough priced when it comes to console games.

Sir Digby Chicken Caesar

there's gamesnash too

johnny_ultimate

Administration doesn't necessarily mean instant closures, its insolvency protection. The administrators will examine the company and decide on plans from there. Could be massive layoffs, could be other forms of restructuring. Store closure are pretty much inevitable, but it might stick around in a smaller form. There's a lot of towns and shopping centres in England for example where you'd find multiple HMV branches. A lot of High Street stores are pretty inefficient. It was one of the major factors in Game's downfall, especially after they bought up Gamestation.

It'd be a real shame if the Irish stores are shuttered for good. They still serve an important role in media retailing. Also have much more of a presence than Game did in their last months - HMV stores in Dublin are still packed. If they're profitable, they'll stay around short term at least. Although Ireland is considered somewhat of an afterthought for many big companies.

iMuse

Its official:

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.

Barlett

Will be awful if Gamestop is all that's left, they pushed up their prices by 10 euro or so when Game closed. And I know the prices of console games here are artificially kept low but no way will I go from paying 44.99 to 59.99

Burning Eclipse

HMV Ireland made 2.5 million loss in 2012. They made €125 in pure profit from my relatives who bought me vouchers for Christmas (now confirmed to be worthless). To say I'm disappointed is an understatement.

That said, I know 5/6 people working there, so I can't feel too bad about things.

DominoDub

on the Question of Vouchers ...bad news

https://twitter.com/navbasiTLW/status/290946153149775873/photo/1

super_furry

Might be the thing that helps to save Xtra-Vision. If they were to rebrand themselves and put more weight behind their videogame sales section they could take a huge slice of the market with Game and now potentially HMV gone.

witnessmenow

DominoDub wrote: »

on the Question of Vouchers ...bad news

https://twitter.com/navbasiTLW/status/290946153149775873/photo/1

Well if that email is true they are breaking consumer law:

"We are not able to issue refunds or exchanges - whether for faulty... (cuts off, presumably says "items or") ... products bought in error"

Faulty items need to be refunded or exchanged (or repaired, I would not advice anyone to accept this option!)

Varik

witnessmenow wrote: »

Well if that email is true they are breaking consumer law:

"We are not able to issue refunds or exchanges - whether for faulty... (cuts off, presumably says "items or") ... products bought in error"

Faulty items need to be refunded or exchanged (or repaired, I would not advice anyone to accept this option!)

Not like they have anything to lose, they can always sort any problems out later if they can get through this and if they don't then what do they care.

bytesize

I only brought back stuff and got money put on a card yesterday. Should they have been allowed to issue cards and vouchers while in such a situation? I will be heading in there tomorrow morning to use my cards and vouchers, irregardless if they accept them or not. I will 'take' the value in stock if I have to!!

Varik

bytesize wrote: »

I will 'take' the value in stock if I have to!!

They don't own most of their stock, you can even see it on the larger items from some companies.

bytesize

Varik wrote: »

They don't own most of their stock, you can even see it on the larger items from some companies.

When I was in there on the 12th buying stuff I didn't notice anything like that. When I was in there on the 13th returning stock, nothing was said about the worthless money being refunded onto a gift card. I also didn't see anything like that.

I will be in there tomorrow, first to pay using the vouchers and gift cards I have. If they refuse to take them, I will simply leave said cards and vouchers there as well as any remaining funds that may be owed to them for the stock I have in my hands and walk away with the stock.

marco_polo

witnessmenow wrote: »

Well if that email is true they are breaking consumer law:

"We are not able to issue refunds or exchanges - whether for faulty... (cuts off, presumably says "items or") ... products bought in error"

Faulty items need to be refunded or exchanged (or repaired, I would not advice anyone to accept this option!)

At that point unfortunately under insolvency law the consumer is just another unsecured creditor at the bottom of the pile to get money back.

noodler

Balls.

Have a 20e voucher from Xmas.

Also bought 40e worth of vouchers for others over Xmas.

What a shame.

EDIT: Apologies to any HMV staff of that came off very selfish!

aN.Droid

bytesize wrote: »

When I was in there on the 12th buying stuff I didn't notice anything like that. When I was in there on the 13th returning stock, nothing was said about the worthless money being refunded onto a gift card. I also didn't see anything like that.

I will be in there tomorrow, first to pay using the vouchers and gift cards I have. If they refuse to take them, I will simply leave said cards and vouchers there as well as any remaining funds that may be owed to them for the stock I have in my hands and walk away with the stock.

Say hi to the guards for me.

marko93

Does this mean a sale/reduced prices on all current stock?

Sephiroth_dude

bytesize wrote: »

When I was in there on the 12th buying stuff I didn't notice anything like that. When I was in there on the 13th returning stock, nothing was said about the worthless money being refunded onto a gift card. I also didn't see anything like that.

I will be in there tomorrow, first to pay using the vouchers and gift cards I have. If they refuse to take them, I will simply leave said cards and vouchers there as well as any remaining funds that may be owed to them for the stock I have in my hands and walk away with the stock.

Let us know how that goes for ya

Levi87

Hi as an Employee of Hmv i am absolutely Devastated to hear that the Company Has gone into adminastration. It saddens me think of the next couple of days and to think of all my close friends who i work with. some with kids and huge bills. What adds to my sadness is peoples comments about Gift Cards on this thread. I signed up to simply ask that when you do do query your cards that you do not personally take it out on the members of staff instore. Its clear from online speculation that Gift Cards Are now invalid. While i personally understand that this may frustrate you. Dont Take that frustration out on someone who has no autority or control over the situation.

Thank You