HMV

smithdown · December 13, 2012

is worth less than a Fabio Borini

HMV is in talks with banks over its future following worse-than-expected trading in the runup to Christmas, the new chief executive of the entertainment group says.

Trevor Moore, who joined HMV from the camera chain Jessops, said current market conditions suggested the group would not meet expectations for the year to April. As a result, the terms of its bank loans were not likely to be met in January and April, placing the future of the 238-strong chain under threat.

HMV said like-for-like sales fell 10.2% in the 26 weeks to 27 October as its pre-tax loss narrowed to £36.1m, compared with £50.1m the previous year. The dismal results come despite reports that HMV has received £40m in financial support from its suppliers in a bid to keep it going over the festive period.

HMV shares crashed more than 40% in early trading on Thursday morning, to just 2.375p, giving the retailer a market value of just £10m.

http://www.guardian.co.uk/business/2012/dec/13/hmv-banks-poor-pre-christmas-trading

so one day soon it'll be "you used to buy music in a shop? that doesn't even make any sense!"

matty · December 13, 2012

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