HMV, based in Marlow, prepares to call in the administrators

Bucks Free Press: HMV prepares to call in the administrators HMV prepares to call in the administrators

HMV will no longer accept gift vouchers from customers as it prepares to call in the administrators, the beleaguered retailer has announced.

The music and film chain, whose head office is based in Spittal Street, Marlow, said its 238 stores – including its shop in the Eden shopping centre – will remain open while administrators Deloitte sought a buyer.

But a sign outside the High Wycombe branch says it will also be unable to refund or exchange unwanted or faulty items.

The firm, which has been battling financial uncertainty for several years, is suspended from trading ordinary shares on the stock market.

The statement said: "On December 13 2012, the company announced that as a result of current market trading conditions, the company faced material uncertainties and that it was probable that the [HMV] Group would not comply with its banking covenants at the end of January 2013.

"The Company also stated that it was in discussions with its banks.

"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 news about HMV comes just days after photographic chain Jessops announced it would close all its stores after plunging into administration.

Will you miss HMV if it goes and where will you buy your music and DVDs instead?

Leave your comments below.

Comments (3)

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10:49am Wed 16 Jan 13

Cressex Offender says...

I got bought a gift card for Xmas and I think it's outrageous that they are not honouring them now. They have been in the financial brown stuff for so long now that they must have known this was coming. It's fine though, if they are no longer honouring vouchers, I will not honour my obligation to pay for any item to the value of my voucher.
I got bought a gift card for Xmas and I think it's outrageous that they are not honouring them now. They have been in the financial brown stuff for so long now that they must have known this was coming. It's fine though, if they are no longer honouring vouchers, I will not honour my obligation to pay for any item to the value of my voucher. Cressex Offender
  • Score: 0

11:07am Wed 16 Jan 13

Ivor'sbestfriend says...

Surely not honouring gift cards is basically theft? You basically pay money in order to collect goods at a later date, if they don't let you collect the goods then they have taken your money without supplying any goods or services?
Surely not honouring gift cards is basically theft? You basically pay money in order to collect goods at a later date, if they don't let you collect the goods then they have taken your money without supplying any goods or services? Ivor'sbestfriend
  • Score: 0

11:13am Wed 16 Jan 13

Cressex Offender says...

I agree with that wholeheartedly which is why I will gladly take goods to the value of my voucher and walk out without paying. What's good for the goose etc.
I agree with that wholeheartedly which is why I will gladly take goods to the value of my voucher and walk out without paying. What's good for the goose etc. Cressex Offender
  • Score: 0

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