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Company HMV Moves Into Administration
Just days after the announcement from HMV of their massive stock clearance sale the company were placed into administration due to mounting debts to banks and suppliers that could not be met.
HMV have been prominent on the high street for almost a century and while other music specialist chains disappeared over recent years, it was hoped and probably expected that the most experienced of all could not only weather the storm but indeed thrive on the lack of high street competition in their field however online retailers, supermarkets and of course the age of the digital download have all contributed to continuing sales figures dwindling for this once giant music industry icon and the inevitable finally happened.
Following Woolworths, Comet and just last week Jessops, HMV have put blame firmly on the market share of their products being eaten into by the likes of Amazon and the supermarket chains however many critics have voiced opinions whereby the consumer has a right to choice and competitive pricing and that the retailers were simply not doing enough to compete. Much criticism has come from HMV regarding the download marketplace for music and film but if that is what the consumer wants, that is what suppliers need to offer.
There are reports of two possible interested parties to buy the chain and for the sake of the industry it is widely hope a buyer will take over soon but this is more than likely to result in major streamlining of the business. Many stores would still probably be closed and a great number of job losses resulting but if the iconic Nipper the Jack Russell can remain there are possibilities the high street can still have a genuine entertainment store, as long as they cater for the consumer.
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