Deathwatch: HMV still looking doomed
HMV has been on Deathwatch for a while now, unable to make a decent mark on people who would rather get their music via filesharing. And again, they're announcing that things aren't going well and admitted that sales have continued to sink like stones, dropping shares by 8%.
In an unscheduled statement, the ailing retailer said like-for-like sales dropped 11.6% in the 20 weeks to 15 September. Chief exec, Trevor Moore, said: "These numbers reflect the challenging markets in which we operate."
HMV are also blaming their woes on the fact that there's been nothing in the way of big new music or video games releases over the summer. Total sales fell 14.8%.
Moore continued: "The like-for-like decline was less marked towards the end of the period and we should be helped in the remainder of the year by a strong pipeline of new releases in the music, DVD and games markets ahead of Christmas."
So basically, HMV need to have a good Christmas or they could be looking at even more store closures and job-losses. HMV, it seems, may be disappearing from our high-street for good if it isn't careful.
Should we even vaguely care?