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
8 Oct 2010 12:58

Broker snap: Key FTSE 250 income plays

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
9 Sep 2010 16:38

London close: Banks behind fresh surge

Investors were back in love with banks Thursday which, coupled with a big session for the miners, pushed the leading index to a new four-month high. The FTSE 100 finished not far off its best levels above 5,500. It was the first tim eit had traded above the big figure since May 4. British lenders

Read more
9 Sep 2010 14:44

London afternoon: ARM gives Footsie a hand

Mining stocks continue to drive the market's advance, despite metal prices falling back as concerns grow about the Chinese authorities' determination to cool off the economy, with the latest report from the People's Republic suggesting that the government is set to introduce measures to curb propert

Read more
9 Sep 2010 12:22

London midday: No change from BoE

Footsie has fully recovered from a weak start and now boasts healthy gains driven by the banks and miners. As expected, the Bank of England kept interest rates on hold at 0.5% and the quantitative easing programme intact. The minutes, detailing who voted for a rate rise, will be more telling. Mine

Read more
9 Sep 2010 08:27

London open: Footsie falls as retailers suffer

Shares are slightly lower in early dealings after updates from the retail sector were given a frosty reception. Supermarket Morrisons falls back even though it posted profits broadly in line with expectations for the six months to August 1. It also unveiled a move into the convenience store market

Read more
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%.

Read more
8 Sep 2010 17:40

Thursday preview: Morrisons, Redrow, BoE rate decision

Supermarket chain Wm. Morrison releases interim figures on Thursday, the first results to be released since Dalton Philips first sat down in the chief executive's chair back in late March. "Philips is expected to present his initial thoughts on the business, rather than a full-blown strategic revie

Read more
5 Sep 2010 10:01

Sunday newspaper round-up: Vodafone, George Osborne, BP...

Two of Britain's best-known company bosses are poised to step down in a dramatic changing of the guard in FTSE 100 boardrooms. Headhunters have been called in to find a replacement for Sir John Bond as chairman of Vodafone, the mobile phone giant. Sir John Parker, meanwhile, is in the early stages

Read more
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

Read more
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

Read more
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

Read more
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

Read more
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

Read more
1 Jul 2010 06:51

Thursday's tips round-up: Hunting, Astra, Barclays

Hunting's broad global spread should insulate it against turbulence related to the crisis in the Gulf. And despite a multiple of 26 times 2010 forecasts, the shares are off 33 per cent since their March peak. The market is arguably over-emphasising Hunting's risk from the Gulf and overlooking improv

Read more
30 Jun 2010 17:00

Micro Focus chairman takes advantage of price fall

Micro Focus International has lost nearly one-fifth of its value over the past week following the departure of finance director Nick Bray and this has tempted the software company's chairman to invest just over £400,000. Kevin Loosemore bought 100,000 shares at 401.4p each, which takes his shareho

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.