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
5 Jan 2011 07:37

London pre-open: Retailers in focus

London looks set to open weaker, continuing the softer trend seen towards the end of yesterday's session. City traders expect the FTSE 100 index will open down by about 6 points from last night's close. Retailers are in focus in the early going. The snow lost Next an estimated £22m of full price sa

Read more
5 Jan 2011 07:27

HMV closes 60 stores as snow scuppers recovery hopes

Hopes that Christmas trading could spark a revival in trading at music retailer HMV have been dashed by the snow with sales falling across the group and 60 store closures planned. Bank covenants are now also under pressure. "Given the difficult trading conditions over Christmas and the likely outtu

Read more
1 Jan 2011 12:12

The turkeys of 2010

With apologies to those of you who, after a week of seasonal indulgence, are sick of the sound of the word 'turkey', never mind the taste of it, here is an overview of the 'Turkeys of 2010', the stocks you did not want to be holding last year. Among FTSE All-Share constituents care home operator So

Read more
23 Dec 2010 13:23

Sector movers: Rio Tinto drags mining lower

Rio Tinto is among the stocks dragging on the mining sector after increasing its offer for Riversdale Mining to A$16 a share in cash, securing the backing of management for a deal worth A$3.9bn (£2.5bn). The mining giant admitted earlier this month it had talked to the Sydney-based firm, which has

Read more
13 Dec 2010 10:33

Christmas 'no worse' for two-thirds of retailers

Shopaholic Britons aren't expected to let a bit of snow and economic hardship ruin their Christmas, and almost two thirds of retailers are predicting business will be at least as good as last year. A new survey by the British Retail Consortium (BRC) reveals that 35% of companies think retail sales

Read more
10 Dec 2010 06:44

Friday tips round-up: DS Smith, Xstrata, HMV...

As a low-growth, low-margin stock, packaging group DS Smith had previously been bought for its high yield; after their sharp rise since halfway through last year, the shares now return a little more than 2%. They are on about 13 times this year's earnings, a premium rating for the stock, but susta

Read more
9 Dec 2010 16:40

London close: Footsie clings to lead

A weak morning session on Wall Street did London no favours Thursday, although the big banks helped the leading index to only its second close above 5,800 in over three weeks. Barclays, Lloyds and Royal Bank of Scotland were top of the pile. HSBC also did well, but fellow Asia-focused player Stand

Read more
9 Dec 2010 14:42

London afternoon: Banks help index advance

A mostly better banking sector, gains for some of the mining heavyweights and a decent start on Wall Street are offsetting losses among the big retailers. Lloyds, Royal Bank of Scotland and Barclays are going well following a good session in overseas markets, though Asia-focused Standard Chartered

Read more
9 Dec 2010 12:13

London midday: Shares steady as Bank holds rates

The midday announcement that interest rates and quantitative easing will remain unchanged surprised no one and shares remain little changed. Banks and miners are going well. Platinum specialist Lonmin, copper miners Antofagasta, Kazakhmys and ENRC are also in demand, as are the Australian iron ore

Read more
9 Dec 2010 08:44

London open: Miners on the march

The leading share index is posting good gains this morning, with the mining sector on the march as metals prices advance. Platinum specialist Lonmin leads the FTSE 100 higher. Copper miners Antofagasta, Kazakhmys and ENRC are also in demand, as are the Australian iron ore duo Rio Tinto and BHP Bill

Read more
9 Dec 2010 07:37

London pre-open: Blue chips set for early push

Overnight strength on Wall Street looks like spreading over here this morning, with futures prices pointing to a charge back above 5,800. The FTSE 100 is expected to add more than 40 points when trading starts, according to City forecasters. As expected, "extremely difficult" market conditions and

Read more
9 Dec 2010 07:02

HMV halves divi as losses swell

As expected, "extremely difficult" market conditions and a bigger than expected first half loss have forced CD and DVD retailer HMV to slash the interim dividend. The owner of book chain Waterstone's lost £41.3m before tax in the 26 weeks ended 23 October, up from £24.9m last year and worse than th

Read more
8 Dec 2010 17:29

Thursday Preview: HMV, DS Smith, interest rates

CD and DVD retailer HMV also sells video games, and is reporting interim results the day after Game said its margins this year will be down by between 1.6-1.9 percentage points due to the ferocious competition in the games and consoles market. CD and DVD sales face similar challenges and HMV is exp

Read more
3 Dec 2010 12:07

Week Ahead: HMV, Game, BoE rate decision

Christmas is coming which means it is the busiest time of the year for computer game sellers HMV and Game, both of which have trading statements next week. HMV, which sells a wide range of entertainment products in its stores in addition to computer games, and which also includes bookstore chain Wa

Read more
8 Oct 2010 13:15

Broker tips: Mid-cap income plays, Carnival, Speedy Hire

Broker Charles Stanley has run the microscope over constituents of the FTSE 250 index looking for key income buys and come up with five likely candidates. Though the broker was looking at stocks primarily for their attractive yields, it makes a good case for diving into the FTSE 250 for capital app

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.