HMV to close

By Ross Findon

Wednesday, February 20, 2013

 

HMV to close

HMV's Isle of Wight branch in Newport is to close. Picture by Laura Holme.

THE Isle of Wight's HMV branch is to close, administrators have announced today (Wednesday).

Deloitte, which was appointed as administrator to the entertainment company in January, revealed the Newport High Street store was among 37 to be closing.

The news came after unemployment figures showed the number of people claiming Jobseeker's Allowance on the Isle of Wight had risen for the seventh month in a row.

A spokesman said: "No fixed date is set for the closure of these stores which will continue to trade in the meantime.  

"However, it is expected that closures will take place over the next four to six weeks in parallel with the 66 stores that are already subject to a closure programme."

Nick Edwards, joint administrator, said:  "As part of our ongoing review of HMV’s financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure.

"This step has been taken in order to enhance the prospects of the restructured business continuing as a going concern.

"Together with the previously identified 66 closures, this restructuring will result in a residual portfolio of some 116 stores.

"We are extremely grateful to the staff for their continued strong support and commitment during an understandably difficult period.  All other key stakeholders including suppliers and landlords remain supportive and we appreciate their ongoing assistance."

Reporter: ross.findon@iwcp.co.uk

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Displaying the last 10 of 24 comments - Show All Comments

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by Stephen Elliott

21st February 2013, at 22:47:35

Surely it can only be a 99p shop that will replace it.
You think I'm joking...well I'm not

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by Mike Crowe

21st February 2013, at 11:37:47

Indoor Market was tried in Lugley Stree behind Boots about 25 years ago. Didn't work then but ...................................?

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by T Rollingsworth

21st February 2013, at 11:35:30

Slightly too small to turn into an indoor market? I don't mean the "sell your overpriced jewelery " sort of market either. Divide it into a few smaller units (similar to Grays walk but under cover?) Probably won't work but I can't think of any other user for such a store. They could even extend into Game if need be!

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by Jake Wallace

21st February 2013, at 10:53:02

Talking of what they could replace it with i tried to have a think about this when i heard HMV were in trouble.

Local business's would be great but the rent on that place must be extortionate. New trendy clothes shop might work. Or i had an idea of a upscale restuarant. Please no more pubs, no more charity shops.

I think we all know it'll get taken over by the next big corporate seller, household goods etc etc.

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by Jake Wallace

21st February 2013, at 10:48:35

Steve i just had to check again & No Skyfall is £4.50 to rent ..where as the good ol' blockbuster used to do 4 movies for £10 t rent. To buy .. lets see .. £14 on Itunes (with less quality), £17 on play.com ..full 1080P meaning better 7.1 surround sound instead of 5.1 they used to call surround sound,

Now you can't tell me it cost only £3 create a Blu-ray, put the movie on it, package it & ship it to me. All for that £3 more

Totally recomend Play.com if you do need movies music etc, always has good deals especially if you sign up for their email updates.

Don't pay the high street prices ... actually get a good deal, maybe we can stop the next high street failures from even becoming.

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by T Rollingsworth

21st February 2013, at 10:31:27

I love having things on physical disk such as games and box-sets but HMV are the only place I know that try to sell me box-sets from years ago at their full RRP. DVD's and CD's are grossly overpriced(blu ray especially!) for what they are. Why would I pay 15 quid for a DVD if I can rent it for a fraction of that or download it in under 4mins if I decided to let my morals slip. HMV will no doubt blame piracy for their demise, but the reality is simple : They had their head in the sand since digital distribution became upcoming.

They are overpriced, generally have terrible staff (A few exceptions) and drove so many smaller businesses out back in the day. The issue is that they didn't adapt to change quick enough, it was only in the last few years that they realised that they need to enter the digital market and sell other technology items such as tablets.

Shame as it will be one less thing on the high street, and too big of a shop for most retailers to fill.

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by G Day

21st February 2013, at 10:02:54

Business is business Scott Angles, and HMV is a poor business. There are many things the company as a whole could have done to catch up with today's technological revolution but still they insisted on selling overpriced physical media and goods. Perhaps turn the site into an internet cafe, that way people could have coffee and gamble online at the same time? They could spend their winnings at the pound shop over the road which is always busy.

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by Steve Smith

21st February 2013, at 07:24:29

Jake,
renting is not the same as buying! I don't know where you can legally buy Skyfall for £4.50 so downloading is much cheaper than buying a physical DVD

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by Keith McNallyohanly

21st February 2013, at 05:40:13

Another coffee/betting shop in its place. Awesome!

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by david wright

21st February 2013, at 01:31:33

I feel sorry for the staff but unfortunately it is evolution. The market place has changed forever, whether for the better or not only time will tell but all high street non food retail is doomed with only on site service shops to survive.I knew the Internet was the future ten odd years ago when Newport church had a website!

Any views or opinions presented in the comments above are solely those of the author and do not represent those of the Isle of Wight County Press.

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