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Author: Subject: The Last Music Chainstore Bites The Dust!

Extreme Peach





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  posted on 1/15/2013 at 07:25 AM
Although it's been a long time since you could ever find anything "interesting" in HMV I always tried to shop there when I could. I just find it really sad that my record store browsing days are pretty much over.

http://www.guardian.co.uk/business/2013/jan/15/hmv-administrators-4500-jobs -at-risk

HMV has confirmed it will call in administrators from Deloitte on Tuesday, as the 250-strong chain became the latest casualty of the shift to online shopping, putting 4,500 jobs at risk.


Stores were expected to open on Tuesday but the firm said it would not be accepting gift vouchers or issuing any more.


HMV held discussions with its banks over the weekend but failed to agree on new terms for its debt.


It said in a statement issued on Monday night: "The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection and in the circumstances therefore intends to file notice to appoint administrators to the company and certain of its subsidiaries with immediate effect."


Nick Edwards, Neville Kahn and Rob Harding of Deloitte will be appointed as administrators. The company said: "The directors understand that it is the intention of the administrators, once appointed, to continue to trade whilst they seek a purchaser for the business."


Analysts expect a buyer for at least part of the group. As the reaction to HMV's demise has shown, the brand, famous for its Nipper the dog trademark, still holds a cachet for many people. HMV had around 35% of the, albeit dwindling, CD market in 2012 and it is thought that around half of its 240 stores could be profitable once the company gets rid of its debt.


Rumours circled on Monday night that the restructuring company Hilco could be interested in buying the group out of administration. Hilco bought HMV Canada from the UK parent in 2011 and has overseen a better-than-expected Christmas at the north American arm, which rang up sales of $65.4m (£40.5m) over the festive period, beating targets.


It was thought that the US vulture fund Apollo Global Management had been considering a bid but is no longer interested in buying the chain. Apollo bought 6% of the company's bank debt two weeks ago.


Neil Saunders, the managing director of the research house Conlumino, said: "The brand certainly has some value, however, while someone could arguably turn a profit in running some of the stores for a period of time they would still be betting against the future. By our own figures, we forecast that by the end of 2015 some 90.4% of music and film sales will be online. The bottom line is that there is no real future for physical retail in the music sector."


The news prompted many to mourn the demise of the 91-year-old chain. Chuka Umunna MP, Labour's shadow business secretary, said: "HMV is a national institution that has been a feature of our high streets for over 90 years so this news is deeply worrying. For the sake of HMV's employees, we hope a way can be found to keep the business going. The demise of HMV – a national institution – would be a sad loss for British retail."


Twitter also saw an outpouring of emotion from fans of the store, with comments such as: "HMV closing is the worst thing that's ever happened to me."


But analysts were philosophical about the chain's collapse. Saunders said: "This outcome was always inevitable. While many failures of recent times have been, at least in part, driven by the economy, HMV's reported demise is a structural failure. In the digital era where 73.4% of music and film are downloaded or bought online, HMV's business model has simply become increasingly irrelevant and unsustainable.


"HMV did not react early enough to the digital trend; it did not give shoppers a reason to keep buying from it. Admittedly, the company has tried to innovate through selling more electricals and gadgets but, unfortunately, these initiatives were never going to be enough to counteract the terminal decline in its core business."

 

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Ultimate Peach



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  posted on 1/15/2013 at 09:49 AM
Back in the 80s and early 90s I always visited the record/cd store when I walked thru the malls in my area. One by one they went out of business. But I didn't realize all of them would close by the turn of the milennium!

There was one HMV in my area, situated in a mall. But it didn't take long for it to close down.

 

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A Peach Supreme



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  posted on 1/15/2013 at 10:38 AM
I was never keen on HMV, although their stock of jazz, blues, folk, spoken word etc used to be quite good.

Virgin I've always hated....

The one which got me was Tower Records which was my first port of call wherever I went.

I can't lament the loss of record stores too much as I buy and browse online almost exclusively. Fopp is an honourable exception.

What I can't stomach is the disappearance of CDs per se as downloads become more popular. How can anyone who is serious about music accept a download as their preferred medium? Something which doesn't exist outside of a digital platform; which has no aural quality.

Digital is great for easily portable and accessible "sounds" but it is not a proper medium for high fidelity listening.









[Edited on 1/15/2013 by Shavian]

 

Maximum Peach



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  posted on 1/15/2013 at 10:49 AM
Tower Records.....
 

A Peach Supreme



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  posted on 1/15/2013 at 11:36 AM
quote:
I was never keen on HMV, although their stock of jazz, blues, folk, spoken word etc used to be quite good.

Virgin I've always hated....

The one which got me was Tower Records which was my first port of call wherever I went.

I can't lament the loss of record stores too much as I buy and browse online almost exclusively. Fopp is an honourable exception.

What I can't stomach is the disappearance of CDs per se as downloads become more popular. How can anyone who is serious about music accept a download as their preferred medium? Something which doesn't exist outside of a digital platform; which has no aural quality.

Digital is great for easily portable and accessible "sounds" but it is not a proper medium for high fidelity listening.











[Edited on 1/15/2013 by Shavian]



Never a truer word spoken. There is something so special about holding the whole package in your hands.

 

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  posted on 1/15/2013 at 01:12 PM
quote:
quote:
I was never keen on HMV, although their stock of jazz, blues, folk, spoken word etc used to be quite good.

Virgin I've always hated....

The one which got me was Tower Records which was my first port of call wherever I went.

I can't lament the loss of record stores too much as I buy and browse online almost exclusively. Fopp is an honourable exception.

What I can't stomach is the disappearance of CDs per se as downloads become more popular. How can anyone who is serious about music accept a download as their preferred medium? Something which doesn't exist outside of a digital platform; which has no aural quality.

Digital is great for easily portable and accessible "sounds" but it is not a proper medium for high fidelity listening.











[Edited on 1/15/2013 by Shavian]



Never a truer word spoken. There is something so special about holding the whole package in your hands.


Fully agree with both of you. I have a couple of friends who have a zillion of songs on external harddrives and/or filed online on some cloud) and say i'm so old fashioned because i still buy CDs and DVDs (and ocasionally vinyl). The tell me that i'm wasting space with my music collection because one terabyte of HD can hold a trillion mp3's. I'm not an audiophile and a decent mp3 (256kbps or higher) can have good audio quality for the average listener like me. But i just don't need a zillion songs in aphabetical order i want a couple of thousand of them and as part of an album as envisioned by the artist. I want to hold the cover, read the lyrics and liner notes etc.
"I love the smell of fresh vinyl in the morning!". Even with concerts i trade or download i do not want to store them on my harddrive forever or on burned media without a proper cover. I want a proper cover with the tracklist etc. and store them in a CD/DVD jewel case. That's why i have never paid for an mp3/flac download. I have to download it, burn it, print a cover. All 3 can go wrong and cost extra time and money. I have "all the work" and with a bit of bad luck in the near future i gonna be confronted with flawed media (disc rot). Well maybe i'm old fashioned, maybe i'm a dinosaur but i don't give rats ass.

BTW, too bad another music chain store is biting the dust. The independend stores were hit bad but now the big stores are falling too. Maybe (in hindsight) some of them would have benefited if they had started one of those big online stores themselves.

[Edited on 1/15/2013 by ABBDutchFan]

 

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  posted on 1/15/2013 at 01:14 PM
quote:
quote:
I was never keen on HMV, although their stock of jazz, blues, folk, spoken word etc used to be quite good.

Virgin I've always hated....

The one which got me was Tower Records which was my first port of call wherever I went.

I can't lament the loss of record stores too much as I buy and browse online almost exclusively. Fopp is an honourable exception.

What I can't stomach is the disappearance of CDs per se as downloads become more popular. How can anyone who is serious about music accept a download as their preferred medium? Something which doesn't exist outside of a digital platform; which has no aural quality.

Digital is great for easily portable and accessible "sounds" but it is not a proper medium for high fidelity listening.











[Edited on 1/15/2013 by Shavian]



Never a truer word spoken. There is something so special about holding the whole package in your hands.


It's been downhill since vinyl - the cover art became inconsequential; the order of the songs no longer mattered. Starting to feel like the donosaurs after the meteor hit: "Is it getting cold or just me?"

and btw when I visit my daughter in LA always end up at Abeoba records - but I feel like it is a museum and not a vital life force.

 

Extreme Peach



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  posted on 1/15/2013 at 01:18 PM
F.Y.E. is still open.
I bought a couple of cds around Christmas.

 

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  posted on 1/15/2013 at 01:20 PM
disappointed as hmv at least in belfast, has reinvested in vinyl. theres talk that a small core of stores may survive afterwards, so fingers crossed (for the staff at least) that something survives

 

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  posted on 1/15/2013 at 01:47 PM
quote:
F.Y.E. is still open.
I bought a couple of cds around Christmas.


yes i trade stuff in there and get new things but notice they are branching out too. they now have t-shirts, cell phone cases, ipod cases and stuff like that

 

A Peach Supreme



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  posted on 1/15/2013 at 03:17 PM
Music has been increasingly squeezed in HMV for a while, with DVDs, books, posters, iPods, headphones, Bose speakers etc taking over.

Sad.



 

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  posted on 1/15/2013 at 04:11 PM
A Co-worker of mine here in Canada has a brother that own's/runs Love Music in Glasgow. Check out the store if you are hanging in Scotland.

Lots of instore live music, vinyl, etc.

I bought a 45 of Layla released in 2011 from Love Music online, very cool packaging, etc.

 

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  posted on 1/15/2013 at 05:54 PM
There really isn't much new music worth buying anyways and the majority of it that is (IMHO) is also available on the vinyl format.

The chain stores were never part of my music buying endeavors, even as a kid way back when. Always supported the mom n pop shops. Now that is a real bummer if ya wanna talk about commercial availability of recorded product.

 

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Universal Peach



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  posted on 1/15/2013 at 05:57 PM
quote:
A Co-worker of mine here in Canada has a brother that own's/runs Love Music in Glasgow. Check out the store if you are hanging in Scotland.

Lots of instore live music, vinyl, etc.

I bought a 45 of Layla released in 2011 from Love Music online, very cool packaging, etc.



Was that the Record Store Day release with "Got To Get Better In A Little While" on the A-side and "Layla" on the AA-side? I have it too. Bought it in a cool music store in Girona, Spain.
Although i have to admit i do most of my music purchases online i still love it going through tons of cds/dvds/vinyl/music merch in those cool independant music stores. Always on the prowl .

 

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  posted on 1/15/2013 at 06:28 PM
I really miss the local record store/head shop where I used to go and buy records in the 70s.
It was in an area of town that never survived the arrival of the suburban mall and chain stores that came to town in the 70s during some tough economic times.

He stocked stuff like Eno, Tangerine dream, stuff that I never would have discovered at the department stores, which was the only other option in town. And the Owner knew my tastes and what to recommend to me, because he had a long term investment in me as a loyal customer.

Unlike the recommendations the idiotic bots at Amazon recommend these daze



 

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Universal Peach



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  posted on 1/15/2013 at 06:48 PM
"Digital is great for easily portable and accessible "sounds" but it is not a proper medium for high fidelity listening."

While I know what you mean, and understand where you are going with this, it is not exactly true.

Downloaded or digital music DOES NOT mean it has to be MP3. You can download FLAC files or other higher-quality digital files that don't lose resolution from the original recording. I have probably thousands of burned CDs full of music, in full fidelity FLAC format, that I never would have had the chance to listen to without downloading music from the Internet.

I still listen to CDs, but there is a whole movement among live music tapers who post their recordings on the Internet in 24 bit format. Most CDs are 16 bit, some audiophile CDs are 20 bit. 24 bit is a kind of file that you can't even burn to a CD, but you can listen to on a computer, and people who have excellent speakers hooked up to their computers swear it is noticeably better.

Also, Neil Young is working on a new digital music format that will be even higher resolution and will be able to capture ALL the information contained in even the most complex sound recording. Neil says not only will there not be any loss from CD or vinyl to download, he claims it will finally erase the gap in quality from master tape to CD. None of us get to hear what Tom Dowd could hear at the mixing board at Criterion Studios. If we can get to that, that will be truly revolutionary.

So yes, 64K MP3 files suck and you will never catch me listening to one, since I don't own any. But there are digital music formats that do justice to the original recording and are worth listening to.

 
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  posted on 1/17/2013 at 05:21 PM
It's the independents that I miss, not the chain stores as apart from Oxford Street, their stock was mainstream. In Glasgow we've lost Listen, Missing, Bruce's, Lost Chord, Gloria's, 23 rd Precinct, Echo, West End Records, as well as the original Fopp.

Berwick Street in London was always my first port of call with around 8 stores within 400 yards, now only 2 second hand and Sister Ray, which is a shadow of its former self.

We still need HMV as an escape from M&S, Dorothy Perkins, etc when out with the missus, though, so hope it and especially Fopp find buyers.

 

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Zen Peach



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  posted on 1/17/2013 at 05:58 PM
quote:
Music has been increasingly squeezed in HMV for a while, with DVDs, books, posters, iPods, headphones, Bose speakers etc taking over.

Sad.



Have a friend who manages for them here in Canada. Music has not been a priority for them for quite a while. Finacial issues kept some labels from selling to them also.

They had a huge video game section and some stuff was sold below cost which is never a good thing. Fill your store full of things that you are losing money on. Not a real good business plan. They also have a huge discounted movie section where again there is little profit.

 

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A Peach Supreme



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  posted on 1/17/2013 at 07:24 PM
quote:
In Glasgow we've lost Listen, Missing, Bruce's, Lost Chord, Gloria's, 23 rd Precinct, Echo, West End Records, as well as the original Fopp.


Was there a Gloria's apart from the one in Battlefield, Jim?

I remember it well and bought a lot of my first albums there, not that I could afford many!

I remember Bruce's and 23rd Precinct well but not the others. Funny that we hung around the same places - record shops and Green's Playhouse - and probably shouted abuse at each other at Rugby Park and Firhill!




 

Ultimate Peach



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  posted on 1/17/2013 at 08:49 PM
As a youngster, Sam Goody was were I used to search for music at the "Sunrise Mall" in Massapequa, NY; however, I would buy vinyl LPs at the Flea market at "Roosevelt Raceway" on Sundays.

 

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World Class Peach



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  posted on 1/17/2013 at 09:27 PM
FYE always had a surprisingly good used section for a chain store. ARE they still around?
 
 


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