[Mrluvaluva]

HMV is holding a massive sale from Saturday after admitting it could breach crucial banking conditions at the end of January.

The 25% Blue Cross Sale on CD’s, DVD’s, Blu-rays, box sets and games across 230 stores and online comes just weeks after the traditional Boxing Day sale.

Last month the company admitted it is likely to breach its banking covenant - throwing the entertainment retailer's financial future into doubt.

A failure to fulfil lending requirements often signals a company is close to administration, retail analyst Robert Clark told Sky News.

"A lot becomes clear after Christmas - the sale suggests that they didn't have a good one and are trying to reel in as much cash to tie things over," he said.

"I’m not sure how much time they’ve got. I don’t think they’ll be able to sway their bankers. Financial institutions are less likely to show patience in this climate."

But HMV’s chief executive Trevor Moore said in December that closing more stores or placing the business into administration was not "part of our plan" and that the firm was in "constructive discussions" with banks about its performance.

HMV spokesman Gennaro Castaldo told Sky News the Blue Cross Sale was not unusual for this time of year.

"Normally we'd look to run a multi-buy campaign of some kind at this time of year, but we thought we'd freshen our promotional mix up a bit and try something a bit different that will hopefully stand out from all the other sale offers on the high street right now," he said.

The retailer has taken a huge hit in the face of competition from online retailers like Amazon and Play.

But analysts argue that HMV has failed to reinvent itself in the last 15 years and invest in its stores to keep up with the modern technology revolution.

In December, despite numerous promotions,it announced total sales had fallen 13.5%, while like-for-like sales were down 10.2% in the six months to October 27.

HMV reported a loss before tax of £37.3m - an improvement on the £48.1m loss over the same period the year before. But net debt at the 91 year-old company increased from £163.7m to £176.1m.


Sky


Better be up early...It's not looking good future wise though.

[Brother Leon]

Looks like I will be buying some games and Boxsets then.

[Shaun]

shall head down once I get unpacked in Bath...

[michael21]

so if some thing cost £10 what will it be now

[Mrluvaluva]

Originally Posted by michael21

so if some thing cost £10 what will it be now

More than £7.49, but less than £7.51.

[Marc]

EVERYBODY GET SHOPPIN'

x

[Beastie]

*goes to HMV*

[michael21]

Originally Posted by Beastie

*goes to HMV*

*goes to rob your house*

[Black Dagger]

Urgh. Why couldn't it be next Saturday when I have all my birthday money

[Mrluvaluva]

Originally Posted by Black Dagger

Urgh. Why couldn't it be next Saturday when I have all my birthday money

Apparently the sale will last for a month.

[Marc]

Originally Posted by Black Dagger

Urgh. Why couldn't it be next Saturday when I have all my birthday money

Plugging your birthday shameful

[Black Dagger]

Originally Posted by Marc

Plugging your birthday shameful

Shush.

But no, I did go into town but forgot to go in

But if it lasts a month then yay

[Mrluvaluva]

Anybody get any bargains today?

[Shaun]

Went there today but there weren't any deals that really caught my eye... probably because I was exhausted from travelling, and the Bath branch was packed... couldn't really move in there.

[Kizzy]

Timed it for when student loans come in.... tut tut

[Brother Leon]

Got Skullcandys for a tenner. Happy with that

[Harry!]

The weekend I bought some things in HMV but they were not on the Blue X sale. I had a HMV gift card for Xmas.

[Harry!]

Some sad breaking news. It is said that HMV have been having talks today about the future of the company. These talks have been unsuccessful. Rumoured to be consulting administrators. If true it is very sad. It is my favourite shop.

http://news.sky.com/story/1038002/hm...-chains-future

[Matt]

Set to go in to adminstration tomorrow

HMV is to appoint administrators tomorrow morning. I'm told Deloitte will move in after business attempts to turn the company around have failed.

http://www.itv.com/news/update/2013-...tors-tomorrow/

Got everything crossed that it can be saved

[Jack_]

Not HMV, please

[King Gizzard]

Sadly Amazon/play is a much more convenient way of browsing and buying these days. I still like going to browse the one in Norwich though

I'd say HMV surviving is quite a bit more important than Game surviving (unless you're a employee there of course) HMV do alot of games/accessories these days for Games

[Iceman]

Originally Posted by Nathan

Sadly Amazon/play is a much more convenient way of browsing and buying these days. I still like going to browse the one in Norwich though

I'd say HMV surviving is quite a bit more important than Game surviving (unless you're a employee there of course) HMV do alot of games/accessories these days for Games

They're going soon too.

Also a bit more info:

HMV will appoint administrators Deloitte tomorrow morning (January 15), it has been reported.

Attempts to save the troubled music retailer, which has over 235 stores and more than 4,000 employees, have failed.


© Rex Features

© Nintendo


HMV's board of directors are said to have met this evening to discuss their options, with hopes that the firm's lenders or another party would come to the rescue.

The news comes just days after photography retailer Jessops was forced to close all its 187 UK stores.

HMV is currently run by Trevor Moore, who only recently took over as chief executive after leaving Jessops.

More to follow.

[Shaun]

Noooooo I'll have nowhere to shop.

[Me. I Am Salman]

[Shaun]

wow, Trevor Moore certainly has the Midas touch...