Deathwatch: HMV look doomed

6 August 2012

hmvpa_468x374HMV are pretty beleaguered at the moment, losing money, failing to adapt to what kids want in the MP3 era and now, it seems, everyone is jumping ship before it heads toward the abyss.

Days after the company announced the departure of Simon Fox as chief executive, now the finance director is chasing after him out of the door yelling 'wait for me!'

That chap is called David Wolffe and he's said he wants to go as soon as HMV can find someone to replace him. While this may seem like dull news, the fallout from it all means that HMV's shares are down nearly 5%.

Analyst Kate Calvert at Seymour Pierce issued a sell note, saying: "Adapting the famous quote from The Importance of being Earnest – 'To lose one senior director may be regarded as a misfortune. To lose two looks like carelessness'."

So bad are things at HMV, that many think that the company won't return to making a profit for the rest of this year... and the year after. Trace hope rests on a small improvement in video game sales after Game had a wobble. However, if history has taught them anything (which it clearly hasn't), HMV would do well to remember that they saw no improvements when Zavvi went under.

Is it curtains for HMV?

TOPICS:   High Street News

10 comments

  • Fake B.
    If we're not careful, we'll see higher prices due to a lack of competition. Look how Wetherspoons prices are rising after they saw off all the pubs.
  • Paul C.
    Fuck a duck. Best not wait to use these up these shitty gift cards for FIFA 13, then eh?
  • Sicknote
    HMV have been busy digging with that extra long handled shovel that was loaned to them in the last round of bank talks. Let me tell you my story: I was looking on HUKD one afternoon and saw that an XBOX game had been reduced by HMV to a price that I was prepared to pay so I popped downstairs and across the road to the Moorgate store. I sauntered over to the XBOX game aisle and to my surprise there was no reduction in the game price. I asked the assistant and she said "...price reductions don't happen in all the stores, we may never reduce the cost even though a nearby store has the reduction." - what utter madness when you consider so much information is exchanged in the social media space and HMV want to rub against that with local price variations. On another occasion I was in their Moorgate store and on the phone to my 13 year old lad and just happened to ask him to see what the price of something was on Amazon. The grossly overweight and sweaty "Loss Prevention" security guard waddled up to me and gave me some blurb about them not price matching Amazon, then stood next to me intimidating me. To summarize: crippling debt, shitty shit customer service and complete nonsense pricing policies will cause this car wreck of a high street chain to pop and to be honest I hope it's sooner that later.
  • Zleet
    HMV killed themselves by not changing with the times. They had a brand that people recognised and could have increased their online presence and integrated it with the bricks and mortar stores with simple things like 'click and collect'. Instead they petitioned the government to close the jersey tax loophole that increased the cost of dvd's online, cheers fucktards.
  • Mr M.
    Shit, the people responsible for the fuck up are leaving, presumably to be head hunting by some other company daft enough to hire on reputation
  • kv
    good riddance to a shit company
  • Wongaporkpies
    While management make a quick escape, it will be down to the shop staff to take abuse when the administrators come knocking.
  • Dick
    They need to use some scare tactics. Maybe they should shoot a dog every 10 minutes in store, unless someone buys an overpriced DVD from them.
  • Jason M.
    fucking idiots selling ipods......they should never have done that - its a ticket to kiss your customers goodbye as they never come back as they buy all their future music from itunes - should have marketed their own branded mp3 player.
  • Spencer
    I remember buying cd albums for £16... back in the early 90's... HMV... no better excuse for piracy...

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