Deathwatch: HMV sinking deeper into the mire

HMV’s apparent slow slide towards oblivion is continuing, with the beleaguered entertainmentailer saying that it faces a "probable" breach of its current banking agreements next month, and was facing "material uncertainties" and sales for the six months to 27 October fell to £288.6m, down 13.5%.

As a result, HMV shares have fallen by 1.5 pence to 2.6p, a drop of 37%. Back in February 2005, the shares were priced at 272p. Oh dear.

Is he looking for money?

Boss man Trevor Moore says that HMV is ‘maintain(ing) regular and constructive discussions with the group's banks’, adding: ‘HMV has had a difficult first half. However, the business has started to deliver a number of new initiatives which will help to maximise the seasonal sales opportunity and provide a platform for growth in 2013.

‘Additionally, as we trade through this period we will continue to develop further initiatives with our suppliers and I will provide updates at the appropriate time.’

But the grim news from Moore is that, ‘given that the current trading performance is not in line with expectations, the group is unlikely to achieve previous expectations for the full year’.

It looks as though selling various assets and closing 60 stores in 2011 isn’t having the desired effect and there’s a real chance that HMV could be the next big name to disappear from the retail firmament. And believe us, it IS a firmament.


  • Sicknote
    Don't worry, I am sure the banks will step in soon to give HMV a shovel with an even longer handle than they did this time last year.
  • Alexis
    Saw a TV ad where they were flogging Jurassic Park DVDs. Big profit margins on a 1993 film everyone's seen I'm sure.
  • Marky M.
    You've had a Deathwatch on this for years. Eventually it'll come true but then it would for most retailers if you wait long enough, so where's the searing insight? I say you should start a Deathwatch on Tesco now that they've stopped the special offer on Haribos. They're finished.
  • Spencer
    I buy all my media of the Korean bloke that comes round on Fridays. give him a list of the albums and movies - he comes back a week later with them. £2 a disc. proper good copies as well. let him worry about getting caught downloading. anyway... I blame the government and also Starbucks.
  • Jason M.
    HMV are the biggest load of clusterfucks ever - what a brilliant example of how to ruin your own business - sell ipods - what a great idea, now those customers will buy their music elsewhere.

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