HMV Share Discussion Threads

[graham2405] 14/1/2013 21:51

Has been confirmed by HMV.......

Administration tomorrow
Shops will stay open
Shares will be suspended

Laura Kuenssberg @ITVLauraK
'Board regrets to announce that it's been unable to reach position where it feels able to continue to trade outside of insolvency protection

Seem they were at risk of insolvent trading.

[graham2405] 14/1/2013 21:51

Has been confirmed by HMV.......

Administration tomorrow
Shops will stay open
Shares will be suspended

Laura Kuenssberg @ITVLauraK
'Board regrets to announce that it's been unable to reach position where it feels able to continue to trade outside of insolvency protection

Seem they were at risk of insolvent trading.

[fxscotland] 14/1/2013 21:41

It was spelt out in the last RNS. It actually said they may breech banking covenant. I said this would happen and sold...at least o got some equity out!!

[festering pustule] 14/1/2013 21:28

I think it will come out in the wash that rents due on Xmas day weren't paid. Contingency plans - pop-up stores like that in M/cr Arndale - were made, but it was a long shot that will have depleted the funds even further.

RIP

[lady liz] 14/1/2013 21:22

Got it wrong this time banjo but I am sorry that you will no longer be required to fly the flag for HMV. Good luck in finding another job.

LL

[montyhedge] 14/1/2013 21:12

Poor old Nipper the HMV dog, just been put down.

[vikingwarrier] 14/1/2013 21:11

Game over sadly.

[haywards26] 14/1/2013 21:09

Breaking Sky News report. HMV to go into administration tomorrow morning.

This has been coming for a couple of years now. Terminal structural decline.

[montyhedge] 14/1/2013 21:09

For months been saying they were going bust, then had a rush of blood buying at 1.18p, I thought would last until Thursday. But hey win some, lose some.

[r ball] 14/1/2013 21:09

the chart tells you all you need to know.

Hibu looks like its going the same way.

As always if the share price is less than £1 then its risky.

[graham2405] 14/1/2013 20:48

Monty

I assume that they were perhaps at risk of insolvent trading.

They would have been advised of this, this is perhaps why it occurred when it did.

You can't put off admin, if you do you could be personally liable for any debts.

All IMHO

[grittar] 14/1/2013 20:43

Sorry you lost money. We were only trying to help you.

[montyhedge] 14/1/2013 20:39

Win some lose some, it's been a great year, offset against profits.
Must admit thought they would wait until Thursday.
Poor old Nipper been put down.

[graham2405] 14/1/2013 20:35

Monty

Sorry mate, who dares sometimes wins, but not always

Make sure you give Branson a ring...........you never know ;-)

Best of luck.

[p o n a] 14/1/2013 20:31

January 14, 2013 7:54 pm

HMV set to go into administration

By Andrea Felsted and Robert Budden

HMV is poised to go into administration as early as Tuesday, after suppliers refused a request for a £300m lifeline for the struggling retailer.

Deloitte, which has been advising HMV's lending banks, is being lined up as administrator to the chain, putting 4,000 jobs at risk.

The expected administration continues the grim start to the new year for the high street, following the collapse of Jessops, the camera retailer, which closed on Friday, with the loss of 1,400 jobs.

Late last week, HMV asked its suppliers, which include music labels, game makers and film companies, for around £300m in additional financing to pay off its bank debt and fund an overhaul of the company's business model.

But the proposal has been turned down, raising fears that the company will be forced into administration.

A year ago, suppliers stepped in to support HMV, taking a 5 per cent equity stake in the company to secure its position as the UK's leading entertainment retailer.

The closure of HMV could strike a damaging blow to the UK retail market for video games, CDs and DVDs. According to Verdict, HMV's share of the combined music and video market, defined as physical and downloaded products bought on and offline, was 22.2 per cent in 2012.

HMV's market share and its sales peaked in 2009, following the closure of Woolworths in 2008. Its market share remained steady for the following few years, despite falling sales, as other competitors such as Zavvi fell by the wayside.

HMV warned last month that it was poised to breach its banking covenants, sending its shares down 40 per cent on the day, and putting the future of the entertainment retailer under threat.

The company looked at options, including a Company Voluntary arrangement - a deal with creditors to prevent administration - to shed part of its store base.

Deloitte has been acting for HMV's lending banks, Royal Bank of Scotland and Lloyds. KPMG has been acting for the company.

Concerns about the future of HMV have intensified in recent days, after the company launched a big promotional sale at the weekend.

HMV's trade has deteriorated over the past year. The company said in December it was facing a "probable covenant breach at the end of January 2013" and blamed poor sales in the run-up to the crucial Christmas trading period.

Trevor Moore, chief executive of HMV, is the former chief executive of Jessops, while non-executive director David Adams, is the former chairman of Jessops.

[p o n a] 14/1/2013 20:29

BREAKING NEWS: Music retailer HMV to suspend shares and appoint administrators, BBC understands

[montyhedge] 14/1/2013 20:25

Yes boys had a punt, but hey its been a great year, lose £2000 offset against profit. Win some lose some.

[still waiting] 14/1/2013 20:19

looks like snow stops play, sorry that one's going as well.

[loverat] 14/1/2013 20:16

Similar thing happened to me on MHG.

[still waiting] 14/1/2013 20:16

doesn't look like monty's going to see that trading update...

last rush for the exits tomorrow if this isn't suspended.

[peterboroughmatt] 14/1/2013 20:12

Unlucky Monty, you spent so long telling everyone this was going bust then when it finally does you are holding, you couldnt make it up.