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Warning from HMV chief over bleak trading

17:45 13 December 2012

HMV

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

    Lionel

    Thursday, December 13, 2012

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