Music Gear News

At Gear4music.com we update our news channel daily to ensure you always get the latest and most important music news.

HMV: Our future is uncertain

HMV has admitted it faces an uncertain future after reporting more heavy losses.
HMV's future uncertain
One of the biggest and most popular music retail chains has announced half-year pre-tax losses of £36.4 million, highlighting the dire state of the once booming music store.

HMV put out a statement admitting that its future was uncertain and went on to say that it might be forced to sell off its live music division.

The retailer said it had been unable to improve trading, which has fallen significantly since the digital revolution turned the music business on its head.

It added that the ongoing sluggish economic recovery had also been detrimental to the business.

"This has been a challenging start to the year. However, we have taken decisive action to restructure the business and are now seeing the benefits of this, particularly in our technology products business," said Simon Reed, chief executive of HMV.

"Like all consumer-facing companies, we are facing tough trading conditions, but we continue to push forwards through this period. We remain well prepared for the key trading days ahead."

HMV, which has already put down the shutters permanently on 26 of its stores, is looking to close at least another 40.

Posted by AWADNFCR-2133-ID-801244113-ADNFCR Posted on 20 Dec 2011 16:27 to category : Music News

Related Music News

thumbnail

With the advent of various new files formats and the cancelling of several licensing programs, the MP3 is speculated to soon become a thing of the past.

17 May 2017 12:40
thumbnail

JBL Professional has launched a competition that gives aspiring musician the opportunity to record in a professional facility with renowned producer Steve Levine.

8 May 2017 14:48
thumbnail

Delivered by Choreographer and Theater Director Arlene Phillips, The Bacc For the Future campaign has acquired support of over 100 hundred influential figures

28 Mar 2017 12:28
thumbnail

On the 22nd of April, Pink Floyd will be releasing an unheard version of the iconic classic 'Interstellar Overdrive' in celebration of world record day

23 Mar 2017 15:29
thumbnail

With an increased quality of specifications right across the board, Apple's eponymous 'iPad' will host a whole generous selection of great new features.

22 Mar 2017 15:09
thumbnail

Supported by the likes of Ed Sheeran, Royal Blood, Wolf Alice and many more, Fanfair Alliances new educational guide is available for free download online.

21 Mar 2017 15:25

Recent Music News

thumbnail

Celebrating the guitarist and songwriter's illustrious career, Fender has recreated a guitar based on the original model played by George Harrison himself.

23 Aug 2017 09:26
thumbnail

A master of manipulation, Earthquaker Devices Data Corrupter takes your guitar right to the limits of your imagination and into the realms of downright madness.

23 Aug 2017 05:00
thumbnail

Roland VP-03, TR-09 and TB-03 boutiques now up for grabs. Perform an original composition for 60 seconds and be in with a chance to win a model of your choice.

22 Aug 2017 11:41
thumbnail

The third piece of software from Toontrack's run of Superior Drummer products, Superior Drummer 3 offers a whole range of brand new and enhanced features.

17 Aug 2017 12:23
thumbnail

Alesis' II Mesh Electronic Drum Kit is a kit geared specifically towards advanced drummers looking to explore a variety of different timbres and sounds.

16 Aug 2017 12:26
thumbnail

Celebrating 50 years since his iconic performance at Monterey pop festival, Fender's Jimi Hendrix Monterey Stratocaster recreates the sound of a cultural icon.

16 Aug 2017 10:08