Norwich Ice Rink Coming Soon. Click here to find out more!

Click here

Warning from HMV chief over bleak trading

17:45 13 December 2012


HMV's new boss today warned the entertainment group is in talks with banks over its future

HMV’s new boss today warned the entertainment group is in talks with banks over its future following worse-than-expected trading in the run-up to Christmas.


Chief executive Trevor Moore, who joined the group from camera chain Jessops, warned current market conditions suggest the group will not meet expectations for the year to April.

As a result, the terms of its bank loans are 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 10.2pc in the 26 weeks to October 27 as its pre-tax loss narrowed to £36.1m, compared to £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 vital festive period.


1 comment

  • If the public have not woken up already... The Internet will close thousands of shops in the next 5 years... You just cannot expect 500 million sales a year and growing, going from shops to the Internet and expect shops to servive... Probably a whole new shopping changing society will see the high streets struggling for their lives in the coming years.... The Internet is now part of our lives and it's massive use will make many shops and shopping mall units go bust.... And increase the unemployed ... For those that disagree ... the Internet iis certainly not going to create a flood of shops opening ... Is it ...?

    Report this comment


    Thursday, December 13, 2012

Most Read

Featured Pages

Most Commented

Partly Cloudy

Partly Cloudy

max temp: 8°C

min temp: 7°C

Listen to the latest weather forecast

Digital Edition


Enjoy the EDP
digital edition


Broads Outdoor Festival


Enjoy the Broads
Outdoor Festival
digital edition


Eating Out in the Broads


Enjoy the Eating Out
in the Broads
digital edition


Great Days Out


Enjoy the Great Days
Out digital edition