HMV set to go into administration

Red Crow

^Unfortunately I don't think there is any chance that they survive.

This has been coming for some time. I hope the staff can find employment somewhere else. It's terrible news.

Hopefully a deal can be done where they can stay open in some capacity, however unlikely that may seem.

Also leave the staff alone. Give out to the administators and the board of HMV. You're not getting a red cent for your voucher and there is nothing you can do about that. Your getting stung like many other creditors. The staff can't do anything.

Zero-Cool

Yupp the staff are very friendly. Would use the Crescent more than Cruises St. but they were always helpful and enthusiastic about games, unlike gamestop where some staff actually act like it's uncool to play/buy games.

Read this on NCA

Following the announcement in the UK that HMV was entering into administration, we have been actively working to seek clarification as to the implications for Irish consumers.

Having investigated the issues and engaged with a number of key employees of HMV and the UK administrators, Deloitte, we have established that HMV in the Republic of Ireland is a separate corporate entity to the UK operation. Furthermore, HMV (Ireland) Ltd. is not currently under administration or examinership.

We would therefore question the basis upon which gift vouchers/cards were not honoured in Irish stores yesterday, 15 January and we are calling on HMV (Ireland) Ltd. in Ireland to honour its contracts with consumers and accept all gift vouchers with immediate effect.

We are meeting with HMV this morning with a view to securing a commitment that gift vouchers will be honoured.

Updates will be posted here and on nca.ie as we have them.

Beefy78

I did wonder this. They're different legal entities and whilst I'd heard that the Irish Co had entered Examinership I'd not seen that confirmed anywhere.

Red Crow

Beefy78 wrote: »

I did wonder this. They're different legal entities and whilst I'd heard that the Irish Co had entered Examinership I'd not seen that confirmed anywhere.

It's just a subsidiary of HMV. I don't think it makes a difference.

Maybe HMV Ireland have to petition for Examinership. However wouldn't the length and process be deemed potentially detrimental to the business. I'm sure there must be some EU law protecting the HMV group here. I'd say the chances of this working out for voucher bearers is slim to none.

Doctor DooM

noodler wrote: »

Not sure Deliotte are really doing anything out of the ordinary here.

Out of the ordinary or not, I'm pretty sure they, or at least HMV senior management knew there was a large chance of this happening and people getting shafted, and they did nothing.

It is an absolute disgrace and perhaps it is time for our elected officials to write something into law to prevent it.

Beefy78

Eli Manning wrote: »

It's just a subsidiary of HMV. I don't think it makes a difference.

Maybe HMV Ireland have to petition for Examinership. However wouldn't the length and process be deemed potentially detrimental to the business. I'm sure there must be some EU law protecting the HMV group here. I'd say the chances of this working out for voucher bearers is slim to none.

I'm sure Deloitte know whether they're supposed to be taking vouchers or not in Ireland and either way aren't going to do so.

noodler

Doctor DooM wrote: »

Out of the ordinary or not, I'm pretty sure they, or at least HMV senior management knew there was a large chance of this happening and people getting shafted, and they did nothing.

It is an absolute disgrace and perhaps it is time for our elected officials to write something into law to prevent it.

Sure I knew there was a large chance of it. It was all over the news in December.

Attacking the administrators doesn't make much sense - they are tasked with running the stores in the interim - they aren't keeping your voucher money for themselves.

2smiggy

doors closed in Patrick's Street Cork, according to local radio i'm listening to

noodler

http://www.rte.ie/news/2013/0116/national-consumer-agency-to-meet-with-hmv-business.html

NCA meeting with HMV over the voucher business.

Deano7788

2smiggy wrote: »

doors closed in Patrick's Street Cork, according to local radio i'm listening to

Doors were closed in Cruises Street a few minutes ago when I walked past as well.

Doctor DooM

noodler wrote: »

Sure I knew there was a large chance of it. It was all over the news in December.

Attacking the administrators doesn't make much sense - they are tasked with running the stores in the interim - they aren't keeping your voucher money for themselves.

I don't see the point to either of these arguments, really.

If it was in the news in December- assuming every single person who bought a gift voucher in December happened to hear the news- what about those who bought in November?

The administrators are the ones who've decided no gift vouchers, if we are to believe what we're being told. Who else should people be pursuing, then?

calex71

Shops here closed today according to the news , said they would reopen "soon"

marco_polo

calex71 wrote: »

Shops here closed today according to the news , said they would reopen "soon"

As "soon" as the examinership for the Irish legal entity is rubberstamped in Irish court and they can continue (now legally) to not accept vouchers I presume.

noodler

Doctor DooM wrote: »

I don't see the point to either of these arguments, really.

If it was in the news in December- assuming every single person who bought a gift voucher in December happened to hear the news- what about those who bought in November?

What?


1) This situation in HMV was foreseen, everybody had an idea they would struggle to survive this year. Companies do not cease to operate today because they fear what will happen in the next few weeks or months. What blame are you placing on the managers exactly?

Doctor DooM wrote: »

The administrators are the ones who've decided no gift vouchers, if we are to believe what we're being told. Who else should people be pursuing, then?

I think that you just might have a misinformed view of what administration actually means. Suffice to say, there are banks and other companies/suppliers out there owed a fortune by HMV. The administrators are there to protect as much of the company as possible.

Anyway to answer your direct question, assuming that what has been done is legal (and the NCA are questioning that only on the grounds that HMV Ireland are a seperate entity) then you would be lobbying the Government for a change of law surrounding gift vouchers.

This has happened every year with smaller companies - it isn't pretty but the law seems to rank HMV's debt to you (or me in the case of my vouchers) lower than then any debts owed to the banks, suppliers or Revenue.

kingtut

brianregan09 wrote: »

Are you mad HMV has been cheaper on all new releases for the past 8-12 months I hate going into gamestop everything even there used games are massivly over priced, If anything i'd rather they were closing down

Not mad in the slightest, bought a couple of games in the last year and only one of them was from HMV (games are way overpriced but the DVDs are excellent value).

super_furry

kingtut wrote: »

Not mad in the slightest, bought a couple of games in the last year and only one of them was from HMV (games are way overpriced but the DVDs are excellent value).

They really weren't. HMV were routinely the cheapest place on the Irish high street to buy videogames and have been on average €5 to €10 cheaper than GameStop, Xtravision and Smyths. The two that stick in my mind are Halo 4 - €44.99 in HMV, €59.99 in GameStop and Black Ops II - €49.99 in HMV, €59.99 in GameStop.

kingtut

super_furry wrote: »

They really weren't. HMV were routinely the cheapest place on the Irish high street to buy videogames and have been on average €5 to €10 cheaper than GameStop, Xtravision and Smyths. The two that stick in my mind are Halo 4 - €44.99 in HMV, €59.99 in GameStop and Black Ops II - €49.99 in HMV, €59.99 in GameStop.

They were in my experience although I use the Cork store which has a very limited selection of games from what I have seen, we have at least 5/6 places selling games here so I always shop around for the cheapest place.

Speaking of Black Ops II I picked it up from Tesco for either €40 or €45 (I forgot which figure is correct)

Anyway regardless of prices etc HMV is a really great place, I hope it does not close down

TheDoc

super_furry wrote: »

They really weren't. HMV were routinely the cheapest place on the Irish high street to buy videogames and have been on average €5 to €10 cheaper than GameStop, Xtravision and Smyths. The two that stick in my mind are Halo 4 - €44.99 in HMV, €59.99 in GameStop and Black Ops II - €49.99 in HMV, €59.99 in GameStop.

HMV has been the cheapest for new releases and general releases for gaming for a number of years now.

Unfortunately people arn't arsed shopping around.

And considering the way Gamestop generate revenue its tough for anyone to compete with them, but I don't get why people still buy stuff in gamestop, really can't comprahend it.

calex71

TheDoc wrote: »

HMV has been the cheapest for new releases and general releases for gaming for a number of years now.

Unfortunately people arn't arsed shopping around.

And considering the way Gamestop generate revenue its tough for anyone to compete with them, but I don't get why people still buy stuff in gamestop, really can't comprahend it.

Whats even crazier is that on Henry St in Dublin they are literally next door to one another yet you still get people not bothering to check the prices in both before buying

noodler

Okay so if HMV Ireland officially open again tomorrow and declare they are in administration then the situation could get interesting.

If the NCA were right and HMV Ireland were illegally turning away vouchers the past two days then I wonder is there then any comeback by way of legal action or will that also be covered by the administration?

ED E

Vouchers dont have any legal standing I thought? From how I read it the NCA were just suggesting, not insisting as they cant force them to accept vouchers.

noodler

ED E wrote: »

Vouchers dont have any legal standing I thought? From how I read it the NCA were just suggesting, not insisting as they cant force them to accept vouchers.

What I mean is that it seems highly likely that HMV Ireland closed their shops today in preparation for their own seperate announcement of administration.

If they announce that, then there is de facto acceptance that they haven't been in administration up until now and so that would mean.....well I don't know what for their refusal to accept gift vouchers on Monday and Tuesday.

noodler

Well there we go.

They have just announced that the Irish stores are now in recievership (even worse than the UK stores' administration).

super_furry

So they had no right at all to refuse their own vouchers over the last two days then? Shady.

noodler

super_furry wrote: »

So they had no right at all to refuse their own vouchers over the last two days then? Shady.

To me, and not speaking from any strong legal standpoint whatsoever, it certainly seems like a de facto admission.

Beefy78

Anyone got a voucher to check the small print? (I appreciate the cards don't literally have small print but the old vouchers did).

It's not good about the Receivership of the Irish company. I doubt they will open up tomorrow after all then.

Falthyron

I am no expert on this, but my friend tried to explain to me how the Gift Voucher system works.

When you purchase a 'Gift Voucher' it is done through HMV's banking provider, hence why they use the Card machine while processing. You are effectively giving cash for a debt that will be honoured by HMV and their bank. However, once they went into Administration/Receivership, all debts are frozen while the examiners look at debts in all areas of the business.

I guess the moral of the story is; there were widespread reports from news outlets that HMV was relying on a good Xmas 2012 to remain viable and if it didn't have a good one, it might go down the tubes. So don't buy vouchers from companies that are in jeopardy :P

A shame, really. I liked HMV, but their stores I normally frequented stopped selling PC games

DARK-KNIGHT

Gonna contact citizens info tomorrow to get info on what HMV have done and what are the repercussions absolute shower of ***** same as game when they screwed over customers and staff and are still operating in UK..



All the workers ****ed around, all customers ****ed around. Uk or worldwide companies screw over Irish yet again..

Ill make do without the 200 euro but I hope that shower of ****ers chokes on any money they have made from me

KilOit

Falthyron wrote: »

A shame, really. I liked HMV, but their stores I normally frequented stopped selling PC games

They sell the bigger titles but you have to ask behind the counter usually, i got Borderlands 2 and Far Cry 3 off them recently, not that it matters to you now it seem

richymcdermott

Heres My Vouncher


HMV: no

Not living up to their name

Its a ****ing shame