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BRITISH MUSIC RETAILER HMV, which was launched by English composer Edward Elgar in 1921, has called in administrators after weak Christmas sales and amid a declining market for CDs and DVDs, its owner said.
His Master’s Voice (HMV), which is known worldwide for its iconic logo showing a dog listening to a record player, is the last major music retailer in Britain and has been suffering for years from the switch to streaming services.
Hilco Capital, a restructuring company which rescued HMV when it previously entered administration in 2013, said that the company had decided to appoint administrators again but its 125 stores in Britain would continue trading for the moment.
In 2016 HMV closed its five remaining stores in the Republic of Ireland, but stores in the UK remained open. The company employs around 2,200 people.
“It is disappointing to see the market, particularly for DVD, deteriorate so rapidly in the last 12 months as consumers switch at an ever-increasing pace to digital service,” said Paul McGowan, executive chairman of HMV and Hilco today.
“During the key Christmas trading period the market for DVD fell by over 30% compared to the previous year,” he said, adding that this decline was “unsustainable”.
“The switch to digital has accelerated dramatically this year, creating a void that we are no longer able to bridge,” McGowan said, adding that the physical music market in Britain is forecast to fall by around 17% next year.
“As a result, the directors have concluded that it will not be possible to continue to trade the business,” he added.
Since its last collapse, HMV had hosted a series of live events in store with musicians like pop star Kylie Minogue and grime artist Stormzy in a bid to increase footfall.
- © AFP 2018.
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I hope it can go ahead.
Let 40,000 people at a gaa match, Let 70,000 people at a music festival no problem. But for the love of God don’t let a partner into the labour ward to support a pregnant woman or visit their new born child they’ll infect the country. Give me a break. Priorities people please
@Dan Linehan: He said that something like electric picnic could go ahead with vaccinated people only. Vaccination rates among pregnant women is quite low. Also, hospitals obviously contain a lot of very vulnerable people. So there is consistency in relation to vaccination rates and vulnerability.
@Thomas O’ Donnell: then separate vaccinated women from non vaccinated women its pretty simple.
@Dan Linehan: sounds like some one wasn’t allowed into a Labour ward. Talk about off topic.
@Thomas O’ Donnell: he didn’t even say that. He said that he’d prefer if the people in croke park were vaccinated, given the size of the crowd. EP losing the run of themselves here, again.
@Dan Linehan: Apples and oranges.
@Dan Linehan: unfortunately partners cannot be let in due to the risk of infecting vulnerable new born babies with a killer virus. Have some cop on.
@Dan Linehan: an unvaccinated partner? If so then NO
There’s too much logic being expected here for this to work out.
Super Spreader Event.
@John Lynch: Correct, exactly what the hurling final was but wouldn’t have been had it been confined to the fully vaccinated only.
Can Garth Brooks headline Fri sat and sun too ?
@CAMILA REMONA: Garth doesn’t have enough friends in high places i’m afraid…
Can someone ask Tony
https://www.theguardian.com/uk-news/2021/aug/23/almost-5000-covid-cases-linked-to-cornish-music-and-surf-festival-boardmasters
5K cases linked to this one. Latitude one of Mr. Benns 500% increase locally., Lolpolooza all local counties around area sent public health that if you were at to get tested immediately. This was vaccine certs, lateral flow tests etc. The fact is it will not nationally cause an explosion but locally people will pay a price, it maybe a vulnerable loved one’s life. If it was my area and my kids I’d march on the local council. Their is no genuine pinimg here for local artists, its let me print money. Get the guitars back into pubs and small venues the lifeblood of an artists life back open. Liam Gallagher will survive, the local wedding band might not.
@Albert Brennerman: EP is proposed to be open to vaccinated people only. The couple or examples you were able to find (out of hundreds) in Europe were not. If you knew anything about EP (which you clearly don’t) you’d know that there are thousands of jobs and millions of euro to the economy at risk.
If EP went ahead it would be soooooooo amaaaaaaaaaaaaazing.
GAA is more PC!!
Tough one for Micheal!!!!
@Chris Gaffney: he made his bed by attending the hurling final. He has to deal with the consequences.
@Chris Gaffney: Houlihan only saving Martin and Coveneys blushes over attendance at final.These scammers and chancers should not be RULING us.Time for change people.
Release the Beast,
The big Cheese Dr Tony has stated its ok for people with vaccines to party outdoors!
Tony Holohan will not allow it because he knows the rate of infection will rise with so many people, being asymptomatic in one place, and they will be infecting each other making for incidences of covid, he knows this but still persists on the vaccines, & he and others like him will call the lady gp from northern Ireland a charlatan for revealing the truth.
There are interests and interests in the world of arts, entertainment and sport.
Just right..
have your say