HMV has confirmed it will not be accepting gift cards or vouchers from customers as the retailer prepared to collapse into administration.
The company confirmed its intentions following a board meeting last night, as exclusively revealed by Sky's City Editor Mark Kleinman.
In its statement, HMV - which employs 4,350 people - said its 238 stores would remain open while administrators Deloitte sought a buyer.
It added that trading in HMV's ordinary shares had ceased.
The statement said: "On 13 December 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 Group would not comply with its banking covenants at the end of January 2013.
HMV was late to the online shopping revolution and suffered as a result "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.
HMV, which has struggled for several years in the face of online competition, had announced last week an additional sale at its stores in a last ditch effort to raise cash but its £176.1m debt pile was too great for the move to have much impact.
Last year the company sold off its most profitable arm, its live music business, as it attempted to slash what it owed.
In January 2011 suppliers including Universal Music came to HMV's rescue with a deal which helped the retailer shed some of its debt but they are understood to have dismissed requests for more financial help earlier this month.
Analysts suggest the business model was already doomed - squeezed by internet retailers and supermarkets whose scale enable them to offer CDs and DVDs at cheaper prices.
More follows...
Anda sedang membaca artikel tentang
HMV Collapse: Gift Cards And Vouchers Invalid
Dengan url
http://gagalcoba.blogspot.com/2013/01/hmv-collapse-gift-cards-and-vouchers.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
HMV Collapse: Gift Cards And Vouchers Invalid
namun jangan lupa untuk meletakkan link
HMV Collapse: Gift Cards And Vouchers Invalid
sebagai sumbernya
0 komentar:
Posting Komentar