Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHmv Group Share News (HMV)

  • There is currently no data for HMV

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-HMV shuts Irish stores after receiver appointed

Wed, 16th Jan 2013 21:35

* Over 200 British stores remain open as Irish doors closed

* Staff hold sit-ins in two stores as they wait on wages

DUBLIN, Jan 16 (Reuters) - Music and video retailer HMV closed its 16 Irish stores on Wednesday after a receiverwas appointed to assess their viability, a day after the companysought protection from creditors in Britain.

After years of struggling against competition from onlineretailers, supermarkets and download sites, Deloitte wasappointed administrator in Britain on Tuesday to try to salvagesome of its 223 British stores.

However, the retailer requested on Wednesday that a receiverbe appointed to its Irish operations, which employs around 300people. Unlike administration, known as examinership in Ireland,receivership is not aimed at keeping the company operating as agoing concern.

While the retailer's British stores have remained open, anotice on the shut doors of its flagship unit on Dublin's mainshopping thoroughfare of Grafton Street said it was "closeduntil further notice."

"The receiver will institute an assessment of the viabilityof the company and its cost structure, including propertyoccupational costs. All efforts will be made by the receiver tosecure a purchaser for the stores," Deloitte Ireland said in astatement.

Staff in HMV's two Limerick stores held sit-ins on Wednesdaynight after being left in doubt as to whether or not they willreceive wages due to them, Jan O'Sullivan, a junior ministerfrom the south-west county, said on Twitter.

One staff member contacted by Reuters said the 12 staff inthe Limerick city store were waiting for clarification onwhether they would receive wages for the past month and wouldleave once they do.

Retailers in Ireland's main shopping centres saw costs soarduring a national property boom that burst spectacularly in2008, sparking a financial crisis that pushed Ireland into anEU/IMF bailout and left the likes of HMV saddled with high rentsand collapsed demand for its products.

While Ireland has avoided returning to recession like muchof the euro zone, its mild economic growth is driven by robustexports with consumer spending set to contract again this year.

More News
1 Mar 2011 14:53

London afternoon: Hard going for Footsie

It's proving a struggle in London with not long to go until the close, as Wall Street fails to inject much excitement and miners either see gains trimmed or disappear completely. Aerospace and vehicles engineer GKN has few friends. It bounced back into the black last year as all divisions bar aeros

Read more
1 Mar 2011 12:07

London midday: FTSE 100 gives up gains

The top share index is flat after giving up early gains, while company updates in the FTSE 250 have sparked big moves in both directions. Capita is the best performer in the FTSE 100 after the outsourcing group said it was in talks with Zurich about performing some administrative tasks for the ins

Read more
1 Mar 2011 08:50

London open: Miners lift Footsie

Overnight gains on Wall Street and an improvement in Asia this morning have propelled London higher first thing Tuesday. Copper miners Antofagasta and Kazakhmys are the best performers so far. CD and computer games retailer HMV has issued another profits warning and begun talks with its banks abou

Read more
1 Mar 2011 07:36

London pre-open: Footsie to retake 6,000

Overnight gains on Wall Street and an improvement in Asia this morning look set to propel London higher first thing Tuesday. News that billionaire investor Warren Buffett is on the lookout for major acquisitions helped push the Dow Jones up 95 points yesterday. The FTSE 100 is expected to react

Read more
1 Mar 2011 07:05

Chairman goes as HMV warns again

Robert Swannell has stepped down as chairman of HMV after the CD and computer games retailer issued another profits warning and admitted it will probably breach some of its loan covenants. The former investment banker, who took the chairman's seat at Marks & Spencer just two months ago, is finding

Read more
20 Jan 2011 06:15

Thursday newspaper round-up: BP, oil price, HMV

Some of Russia's richest oligarchs have warned of possible legal action against BP over its £10 billion share swap with Rosneft. Stan Polovets, chief executive of the Alfa-Access-Renova consortium that is BP's 50-50 joint venture partner in TNK-BP, told The Times that his company had asked BP to han

Read more
19 Jan 2011 16:40

London close: FTSE 100 dives in late trading

What started as a sluggish day turned into a bit of a bloodbath with the top share index plummeting ahead of the close. Stocks fell in the US after bank Goldman Sachs' net earnings slumped 38% in 2010 due to a substantial fall in profit in the final quarter Here, publishing giant Pearson was the t

Read more
19 Jan 2011 14:05

London afternoon: Losses trimmed

Share prices picked up a tad over the lunch time period, but fallers still outnumber risers by more than two to one among FTSE 100 constituents. Publishing giant Pearson is the top blue-chip performer after the FT owner said 2010 earnings will be ahead of previous guidance, as all of its major busi

Read more
19 Jan 2011 12:01

London midday: FTSE 100 falls back despite cheery updates

The top share index is still in the red despite well-received company updates, with downbeat news from the retail sector weighing on sentiment. Publishing giant Pearson leads the pack after the FT owner said 2010 earnings will be ahead of previous guidance, as all of its major businesses sustained

Read more
19 Jan 2011 09:26

HMV shares fall after credit insurance blow

Further question marks over the viability of HMV's business have been raised after suppliers to the CD and DVD retailer had their credit insurance, which would protect them in the event of HMV going bankrupt, withdrawn. The news sent shares in HMV sharply lower and prompted HMV to claim that it sti

Read more
19 Jan 2011 06:34

Wednesday newspaper round-up: Banks, Inflation, Tesco...

Sir John Vickers will use a speech on Saturday to make clear that big banks are mistaken if they believe his government-appointed Commission on Banking will leave them intact. In a sign that he is determined to tackle the "too big to fail" agenda, Sir John is expected to outline a range of ways in

Read more
5 Jan 2011 16:44

London close: Strong start to 2011 continues

An afternoon rally helped the FTSE 100 build on yesterday's strong start to the year and stay at levels not seen since the first half of 2008, well in advance of the global economic crash. The turnaround in fortunes was inspired by some strong US jobs data, with payroll processor ADP reporting a re

Read more
5 Jan 2011 14:04

London afternoon: Footsie back above 6,000

Footsie has scrambled back above 6,000 over the lunch time session though the blue-chip index remains slightly lower on the day. Miners remain a drag on the index, with the likes of Antofagasta, Anglo American, BHP Billiton and Kazakhmys falling back in line with softer metals prices. Retailers

Read more
5 Jan 2011 12:07

London midday: Shares give back some gains

The FTSE 100 is firmly in the red after yesterday's strong gains amid weakness in the mining and retail sectors. With metals prices falling back following a strong run recently, miners such as Antofagasta, BHP Billiton and Kazakhmys are weak. Retailers are in focus, with Next one of the top riser

Read more
5 Jan 2011 08:56

London open: Blue chips open lower

London has opened weaker, continuing the softer trend seen towards the end of yesterday's session with retailers and food groups under pressure. The snow lost Next an estimated £22m of full price sales in the run-up to Christmas - about 2.2% of the season's total sales - although the high street fa

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.