As some 4,500 employees awake to news of HMV’s continuing financial problems, the company’s boss has said he is confident of finding a solution to the popular retailers problems.
In a statement to the press, Trevor Moore said that the company had sought help from administrators Deloitte but remained convinced they would find a successful business outcome.
The news of HMV’s woes came to light last night when it was announced they intended to appoint an administrator claiming online competition had dealt a serious blow financially, especially after a slow Christmas. Mr Moore also blamed supply issues with two top brands of tablet which left the company unable to meet the demand.
Mr Moore continued on that HMV would do everything in their power to support their workforce:
“I would personally like to pay tribute to the 4,500 people who work for HMV. Clearly this is a worrying time for them and their families.”
HMV first appeared back in 1921 and has since become one of the largest and most recognised brands on the High Street. But the company has failed to evolve with the onset of digital downloads as well as strong competition from value entertainment retailers such as That’s Entertainment.
This morning it was announced that HMV would no longer be accepting vouchers and gift cards which can only spell further headaches in the short term.
We will continue to bring you coverage of this ongoing concern as and when it happens.
This article was first posted on January 15, 2013