HMV UK in Administration

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digitalbabe

Premium Supporter
Apr 12, 2009
42,351
USA
E-mail sent 1/29/2013:

"
Dear Sir / Madam,

HMV UK Limited (In Administration) (the “Company")

Further to your email, I write to confirm that after an assessment of the Company's financial position, internet orders that have been fully paid for prior to the Company entering into administration will be delivered over the next five working days. Internet orders that have not been paid for will be cancelled and a notification of this cancellation will be sent by e-mail over the next 48 hours.

Should you have any further questions please do not hesitate to contact the e-mail address above.

Yours faithfully
For and on behalf of the Company

M S Watson
For R J Harding
Joint Administrator
"


Hilco takes control of HMV-thanks snoo

Link


Former web customer service address was: [email protected]

Phone:

Customer Service: 0207 303 0700

*Multiple members have stated that HMV has said that all pre-orders have been cancelled.

0845 603 8576 (local rate call)
020 8495 4434

Message posted at HMV site:



hmv.jpg


seen elsewhere via web but thanks to Our members for posting.

"Cross Sale on CD’s, DVD’s, Blu-rays, box sets and games across 230 stores and online comes just weeks after the traditional Boxing Day sale.

Last month the company admitted it is likely to breach its banking covenant - throwing the entertainment retailer's financial future into doubt.

A failure to fulfil lending requirements often signals a company is close to administration, retail analyst Robert Clark told Sky News.

"A lot becomes clear after Christmas - the sale suggests that they didn't have a good one and are trying to reel in as much cash to tie things over," he said.

"I’m not sure how much time they’ve got. I don’t think they’ll be able to sway their bankers. Financial institutions are less likely to show patience in this climate."

But HMV’s chief executive Trevor Moore said in December that closing more stores or placing the business into administration was not "part of our plan" and that the firm was in "constructive discussions" with banks about its performance.

HMV spokesman Gennaro Castaldo told Sky News the Blue Cross Sale was not unusual for this time of year.

"Normally we'd look to run a multi-buy campaign of some kind at this time of year, but we thought we'd freshen our promotional mix up a bit and try something a bit different that will hopefully stand out from all the other sale offers on the high street right now," he said.

The retailer has taken a huge hit in the face of competition from online retailers like Amazon and Play.

But analysts argue that HMV has failed to reinvent itself in the last 15 years and invest in its stores to keep up with the modern technology revolution.

In December, despite numerous promotions,it announced total sales had fallen 13.5%, while like-for-like sales were down 10.2% in the six months to October 27.

HMV reported a loss before tax of £37.3m - an improvement on the £48.1m loss over the same period the year before. But net debt at the 91 year-old company increased from £163.7m to £176.1m.-bank-deadline."


:::: Digitalbabe ::::

Staff: Community Manager
Hidefninja.com

From LV-426 on iPhone
 
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Hmm "will remain in administration..Hilco will own debts". Is this really promising? Does this mean the closure will simply be dragged out?

I think it is promising, Hilco aren't asset strippers, instead they specialise in buying failing businesses very cheap and turning them round sometimes by closing unprofitable parts and sometimes by making them more efficient or a combination of the two.

They are also the distributors and studios choice of buyer so will probably get better terms from them.
 
Hopefully the site will be back up and the Steelbooks will still be on there. I'm guessing we will have to re-order them but I'm just pleased HMV is saved. No matter what it becomes after this, it will hopefully stop Amazon and the supermarkets taking us for a ride.

---------- Post added at 03:13 PM ---------- Previous post was at 03:01 PM ----------

HMV actually had good music, DVD and Blu-ray sales over Christmas (DVDs account for 45% of their sales), what did them in was the Video Games and the electrical goods side of things.

I'm guessing Hilco might stop selling the Consoles and games?
 
Yes I hope they are saved ;) they just need to get the prices right.

There Xmas sales where good picked up a 360 for my son with black ops 2,skyrim,forza and 12 months live for £185

What they also need to do is expand the game centre areas where people play the 360/pc games online & reduce the prices for that also have weekly competions for the games played there with prizes.

Even open up cheap coffee shops in there game area with sarnies and drinks etc a new age arcade for the youngsters. ;)
 
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I hope they stay open. I got some great deals in there over Christmas with the blue cross sale. Some items were on par with online prices while others were miles cheaper.

Being really selfish I hope they stay open for Skyfall though!
 
Great news if they keep the stores open. Be interesting to hear from Hilco. BBC said earlier they werent available to comment. Hope some statement comes later, or have I missed it.

They may favour a deal with Game to sell some of the stores where there isnt a Game. Thats what Game wanted to do.

Good terms with the studio as stated is a major plus.
 
HMV are not out of the woods yet.

A statement from Hilco said: "Hilco UK confirms that it has acquired HMV’s debt from the Group’s lenders. It has not bought the business itself.
"Hilco believes there to be a viable underlying HMV business and will now be working closely with Deloitte who, as Administrators, are reviewing the business to determine future options."
 
You dont acquire the debt unless you feel strongly that ultimately HMV will get restructured and you'll profit off the debt. Hilco must know something...
 
Damn. Was hoping to shift a couple of those.
Ditto, i'll keep hold of them another few days just in case, but they were due to expire on the 31st of January anyway. Shame that they ended up only actually being usable for 4 days!
 
You dont acquire the debt unless you feel strongly that ultimately HMV will get restructured and you'll profit off the debt. Hilco must know something...

Hilco know that their Canadian arm is already successful and they have great terms with studios and record companies.
These terms will now be available to them through HMV uk also.
Personally,
As far as steelbooks are concerned, I think the future is brighter than ever before at HMV.
HMV have to sell niche, limited edition items to appeal to the collectors.
This should improve even more, surely.

I don't think it can be called a debt any longer as it's been paid off.
There is no debt
 
Is it confirmed that all pre-orders are cancelled?

I posted this in the Skyfall thread:

Taken from AV Forums this afternoon for those unaware:

I have just this minute come off the phone with a supervisor at Deloitte's by the name of Mark Watson ... "Yes I asked if I could name him before posting and he assured me it was ok"

We spoke yesterday and he promised to call me today afer he knew for sure what was happening to pre-orders including Skyfall steelie.
It as been confirmed HMV will no longer be getting this as an exclusive and we are now able to source it from elsewhere without the fear of being billed again from HMV.
Mark told me this afternoon a BUTTON will be pressed to cancel all pre-orders anyone holds with HMV.
I had a proper 10 minute discussion with Mark over the issue and he fully assured me this is the final decision.
Hope this helps folks and clears up all the pondering over the issue.
Also, a few people (including myself) in the BD forums have been stating that despite items bought (and paid for) being despatched to us (in my case 14th Jan) just before it was announced that they (HMV) were going into administration, we still hadn't received the items, the following post was found by a forum member today from another site:

Just had a phone call with the poor girl on the hmv.com hotline. The number is still manned, even if the site isn't. Which is strange.

That final batch of paid-for hmv.com goods are indeed parcelled up and waiting to go, but there is a dispute with the delivery company over an unpaid bill. As of two days ago, Deloitte were outright refusing to pay them. As of yesterday, the buyout of HMV started to look possible, so they were "unsure" as to the status of those orders. As of "a couple of hours ago", they have messaged her to say the orders "will" be posted out, but the timeframe is not confirmed yet. Reading between the lines, the buyout went through earlier this afternoon. Essentially, we'll get them, but we might have a wait on our hands. If we'd have ordered a day or hours earlier we'd have been fine...

I'm amazed she passed on this quite sensitive information to me over the phone, but she sounded like she'd been shouted at by arsewipes all day and had nothing to lose by telling someone asking politely for a change.

If you need it, the HMV helpline (being nice works wonders!):

020 7303 0700
 
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I posted this in the Skyfall thread:



Also, a few people (including myself) in the BD forums have been stating that despite items bought (and paid for) being despatched to us (in my case 14th Jan) just before it was announced that they (HMV) were going into administration, we still hadn't received the items, the following post was found by a forum member today from another site.
That's great information, thanks for collecting and posting here! :thumbs:
 
My collector buddy back home just told me that the local branch were accepting pre-orders for various games on Wednesday and advertising steelbooks for pre-order :ohno: There are way too many different stories coming out with regards to pre-orders and upcoming titles I think the only way we'll see is on release day of said titles, if they end up there or not!
 
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