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HMV shares to be suspended as music chain enters administration

Tue, 15th Jan 2013 06:59

Ailing high street music retailer HMV has entered into administration less than one month after it published interim financial results citing the possibility of it breaching banking covenants.HMV: Outlets may stay open as potential buyer is soughtThe chain, which first opened in 1921, has more than 200 stores and more than 4,000 members of staff. Appointed administrator Deloitte will try to keep outlets open as it assesses the likelihood of selling the company to a potential buyer.In its interim results for the 26 weeks to October 27th, the group revealed a loss after tax of £36.1m. Only four months ago, it recruited a new Chief Executive Officer and Chief Financial Officer. On December 13th, the company announced that as a result of current market trading conditions, it faced material uncertainties and it was probable that the group would not comply with its banking covenants at the end of January 2013. The company also stated at this point that it was in discussions with its banks.HMV: unable to trade outside of insolvency protectionA statement issued by the company on Tuesday morning read: "Since that date, the company has continued the discussions with its banks and other key stakeholders to remedy the imminent covenant breach. "However, the board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection, and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect. The directors of the company understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business."The company's ordinary shares will be suspended from trading on the London Stock Exchange with immediate effect.MF
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9 Sep 2010 07:49

HMV Q1 sales hurt by World Cup

Music and DVD retailer HMV posted a 10.6% decline in first quarter sales as potential customers were distracted by the World Cup. The group, which is struggling to compete with internet rivals and supermarkets, said UK & Ireland like for like sales in the 19 weeks ended 4 September 2010 fell 14.9%.

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8 Sep 2010 17:40

Thursday preview: Morrisons, Redrow, BoE rate decision

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5 Sep 2010 10:01

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23 Jul 2010 11:03

HMV Completes Refinancing Of GBP240 Mln Credit Facility

LONDON (Dow Jones)--U.K. entertainment retailer HMV Group PLC (HMV.LN) said Friday it has completed the refinancing of its GBP240 million revolving credit facility with its existing group of eight banks a year ahead of schedule. HMV's existing facility was due to expire in October 2011. The

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4 Jul 2010 11:31

HMV Has No Plans To Sell Book Chain Waterstone's

LONDON (Dow Jones)--U.K. entertainment retailer HMV Group PLC (HMV.LN) has no plans to sell its book chain, Waterstone's, a company spokeswoman said Sunday. The company has a clear turnaround strategy in place, and is confident it can improve Waterstone's trading performance, she added. The

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4 Jul 2010 11:06

HMV CEO: Would Consider Selling Waterstone's Chain - Newspaper

LONDON (Dow Jones)--HMV Group PLC's (HMV.LN) Chief Executive Simon Fox has signalled for the first time that he would consider selling the group's book chain, Waterstone's, The Mail on Sunday newspaper reports, citing an interview with Fox following its results last week. Fox also said Waterston

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1 Jul 2010 07:21

UK MARKET TALK ROUNDUP: BROKERS COMMENTS

Broker comments in the UK today. Compiled by Dow Jones Newswires Markets Desk, markets.eu@dowjones.com Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com 0621 GMT [Dow Jones] Citigroup lowers HMV Group (HMV.LN) target to 80p from 110p "to reflect the weak outlook given in prelim

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1 Jul 2010 07:21

MARKET TALK: Citigroup Lowers HMV Group Target price

0621 GMT [Dow Jones] Citigroup lowers HMV Group (HMV.LN) target to 80p from 110p "to reflect the weak outlook given in preliminary results and industry de-rating." Says 4Q revenue trends in HMV suffered from a number of headwinds, most notably a tough +18.4% two-year 4Q like-for-like comparative, wh

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