HMV to close UK stores
HMV tried expanding into the US in the 1990s but the venture was never really successful; I regularly frequented the two-story shop on Walnut Street in Philly. Sad to see the chain go.
Music, Film and Games Giant HMV are set to close in the UK and Republic of Ireland following a financial crisis that has lasted over a year. This announcement makes HMV the latest in the ever-increasing line of High Street retailers to go into administration. The news of this casualty has sparked worry for many employees currently working at HMV as reports suggest over 4 thousand jobs will now be at risk.
The stores in the UK and Ireland will remain open for the moment while the business seeks potential buyers. Trading in HMV shares are suspended on the London stock exchange and spokesmen at HMV have suggested they are no longer offering or accepting gift vouchers. The latest High Street tragedy clearly indicates how online retailers have been winning the current battle to gain consumers. The impact of consumers illegally downloading Music and Film online also caused suffering in…
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