HMV goes into administration, jobs at risk in Truro
12:20pm Tuesday 15th January 2013 in News
NATIONAL music and DVD retailer HMV, which has a flagship store in Truro, has gone into administration with up to 4,350 jobs at risk across the country.
Administrators Deloitte will continue to run the 239 stores across the country open while it looks for a buyer. Trading has been suspended on the stock exchange after HMV issued the following statement.
"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 Truro store on Lemon Quay opened in 2003 but the gloomy state of the high street and competition from online retailers such as Amazon and Play has seen physical DVD and CD sales plummet.
The company has said it will not be accepting gift vouchers or issuing any more.
HMV follows Jessops, who also have a store in Truro, who also announced they were going into adminstration last week.
Comments(3)
Lord Barrington Forbes-Smythe
says...
2:49pm Thu 17 Jan 13
I'm surprised though that HMV did not see the writing on the wall in terms of the digital age and continued to open new stores, especially 'flagship' ones, as recently as 2003.
ucsweb, I am always amazed that WH Smith continue to operate all their outmoded and customer-unfriendly stores. Surely it's only a matter of time before they start closing the ones in small towns down.
They must be subsidising them via the lucrative and irritating monoply they seem to hold at train stations, airports and motorway services and the associated ludicrous prices.
Gill Zella Martin 09
says...
7:38pm Thu 17 Jan 13
I agree about WHS, there again they have 'The Works' Waterstones and the supermarkets to compete with. I do shop in WHS in Helston quite a bit, however, if 'The Works' were to open in Helston like the Camborne one then I would shop in there as opposed to WHS.
ucsweb says...
1:58pm Wed 16 Jan 13
WH Smith will probably be next for the same reason.
Paying for what you buy should be the easiest thing to do. But, for some reason some shops can't get that into their heads!