Music and entertainment retailer HMV Group has become the first UK casualty of Christmas after disappointing sales over the holiday period.
The 97-year-old company, owned by restructuring firm Hilco Capital, entered insolvency procedures for the second time in six years, threatening 2,025 jobs. It previously suffered a near-collapse in January 2013, as the move toward online streaming services hit sales.
HMV’s 125 stores in the UK will stay open as the company negotiates with suppliers in the music and movie industries, according to a statement Friday. KPMG has been appointed as an administrator and a buyer is being sought, HMV said.
The shift away from CDs and DVDs to streaming services has only intensified since Hilco saved HMV six years ago, as Apple, Netflix and Spotify continue to dominate the battle for eyes and ears.
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“During the key Christmas trading period the market for DVD fell by over 30 per cent compared to the previous year and, whilst HMV performed considerably better than that, such a deterioration in a key sector of the market is unsustainable,” Paul McGowan, executive chairman of HMV and Hilco, said in the statement.
HMV is the first victim of a dismal Christmas for British retail, which saw stores discounting from early December to try to offset competition from Amazon.com. Sports Direct International chief executive Mike Ashley warned of an “unbelievably bad” November, and spending power has been squeezed due to a low pound in the run-up to Britain’s exit from the European Union.
Mr Ashley this year rescued another British retail casualty, department-store chain House of Fraser. Its near-collapse followed the demise of electronics seller Maplin and the UK arm of Toys “R” Us and online retailer Asos issued a profit warning earlier this month.
The shift to digital entertainment has compounded the problem. HMV said it sold nearly one-third of physical music in the UKin 2018 but expects the market to shrink by 17 per cent in 2019.
“Even an exceptionally well-run and much-loved business such as HMV cannot withstand the tsunami of challenges facing U.K. retailers over the last 12 months on top of such a dramatic change in consumer behavior in the entertainment market,” Mr McGowan said in the statement.
The appointment of administrators, reported earlier by Sky News, comes just a couple of weeks after a formerly related Hong Kong entity moved to close all of its stores in the Chinese city. That business shut down its 102 stores in Canada in 2017.
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Mobile phone packages comparison
Dubai World Cup Carnival Card:
6.30pm: Handicap US$135,000 (Turf) 1,200m
7.05pm: Handicap $135,000 (Dirt) 1,200m
7.40pm: Zabeel Turf Listed $175,000 (T) 2,000m
8.15pm: Cape Verdi Group Two $250,000 (T) 1,600m
8.50pm: Handicap $135,000 (D) 1,600m
9.25pm: Handicap $175,000 (T) 1,600m
Company%20Profile
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England Test squad
Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
PRESIDENTS CUP
Draw for Presidents Cup fourball matches on Thursday (Internationals first mention). All times UAE:
02.32am (Thursday): Marc Leishman/Joaquin Niemann v Tiger Woods/Justin Thomas
02.47am (Thursday): Adam Hadwin/Im Sung-jae v Xander Schauffele/Patrick Cantlay
03.02am (Thursday): Adam Scott/An Byeong-hun v Bryson DeChambeau/Tony Finau
03.17am (Thursday): Hideki Matsuyama/CT Pan v Webb Simpson/Patrick Reed
03.32am (Thursday): Abraham Ancer/Louis Oosthuizen v Dustin Johnson/Gary Woodland
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
UAE%20v%20West%20Indies
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
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Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
FROM%20THE%20ASHES
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
Crops that could be introduced to the UAE
1: Quinoa
2. Bathua
3. Amaranth
4. Pearl and finger millet
5. Sorghum
Company%20profile
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Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Company%20Profile
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Company%20Profile
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EMILY%20IN%20PARIS%3A%20SEASON%203
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THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
Frida%20
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The%20Iron%20Claw
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