Jobs at risk at HMV in Festival Place

First published in News Basingstoke Gazette: Photograph of the Author by , Chief Reporter

HMV has become the latest casualty on the high street after appointing administrators today, putting 4,350 jobs at risk.

Deloitte is now looking for potential buyers for the music and DVD chain, which has a store in Festival Place, Basingstoke – one of 239 in the UK and Republic of Ireland.

Trading in HMV shares has been suspended and shops are no longer accepting gift vouchers or issuing any more. The news comes just a few days after camera chain Jessops went into administration last week, closing all of its stores, including one in The Malls, Basingstoke.

Andy Brown, 33, from Brookvale has vouchers left over from returning an unwanted Christmas present at HMV. He said: “From what I’ve heard, HMV knew this was going to happen for a while, so why didn’t they give their customers some sort of warning to spend their vouchers? Thankfully, mine are not worth too much, but there must be others out there who were given larger quantities at Christmas, which are now going to waste.

"They still have products for sale in store, so why can’t I use my voucher to pay for them?”

Do you work for HMV in Basingstoke or do you have vouchers which can no longer be used?

Call Emily Roberts on 01256 337410, email emily.roberts@basingstokegazette.co.uk or Tweet @erobertsgazette.

Comments (10)

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10:07am Tue 15 Jan 13

Folkestone Saint says...

So yet again another business is lost due to banks not lending to them, they have to realise that soon they won't have any busineses left to lend too, still as long as 5 or 6 people have their bonuses they don't have to worry about the 1,000's of people who are now out of work since the start of the year. Shame on you
So yet again another business is lost due to banks not lending to them, they have to realise that soon they won't have any busineses left to lend too, still as long as 5 or 6 people have their bonuses they don't have to worry about the 1,000's of people who are now out of work since the start of the year. Shame on you Folkestone Saint
  • Score: 0

10:33am Tue 15 Jan 13

Sensory says...

Folkestone Saint wrote:
So yet again another business is lost due to banks not lending to them, they have to realise that soon they won't have any busineses left to lend too, still as long as 5 or 6 people have their bonuses they don't have to worry about the 1,000's of people who are now out of work since the start of the year. Shame on you
You think that paying more in bank interest would have helped HMV stay afloat? Really?

Personally, I'd try and get rid of the debt. Spending money on the credit card soesn't make you successful. Indeed, exactly the opposite happens
[quote][p][bold]Folkestone Saint[/bold] wrote: So yet again another business is lost due to banks not lending to them, they have to realise that soon they won't have any busineses left to lend too, still as long as 5 or 6 people have their bonuses they don't have to worry about the 1,000's of people who are now out of work since the start of the year. Shame on you[/p][/quote]You think that paying more in bank interest would have helped HMV stay afloat? Really? Personally, I'd try and get rid of the debt. Spending money on the credit card soesn't make you successful. Indeed, exactly the opposite happens Sensory
  • Score: 0

10:50am Tue 15 Jan 13

JJ38JJ says...

Folkestone Saint wrote:
So yet again another business is lost due to banks not lending to them, they have to realise that soon they won't have any busineses left to lend too, still as long as 5 or 6 people have their bonuses they don't have to worry about the 1,000's of people who are now out of work since the start of the year. Shame on you
What banks? What loans? What bonuses? What are you talking about?

Comet, Jessops, HMV, etc. are going out of business because they can't compete with on-line retailers. I don't know how borrowing more money would ever deal with that. Bearing in mind the Administrator would pay off any bank loans before they settled unpaid wages it's a good job for their employees that they didn't borrow any money prior to going bust.
[quote][p][bold]Folkestone Saint[/bold] wrote: So yet again another business is lost due to banks not lending to them, they have to realise that soon they won't have any busineses left to lend too, still as long as 5 or 6 people have their bonuses they don't have to worry about the 1,000's of people who are now out of work since the start of the year. Shame on you[/p][/quote]What banks? What loans? What bonuses? What are you talking about? Comet, Jessops, HMV, etc. are going out of business because they can't compete with on-line retailers. I don't know how borrowing more money would ever deal with that. Bearing in mind the Administrator would pay off any bank loans before they settled unpaid wages it's a good job for their employees that they didn't borrow any money prior to going bust. JJ38JJ
  • Score: 0

11:38am Tue 15 Jan 13

Folkestone Saint says...

Dear ill-informed Sensory and JJ. It is about securing business, suppliers want garuantee's in place that they will be paid, this is done by banks saying "yes the money will be made available", it is called "a line of credit" that most small and large companies use, HMV don't go out with a credit card and buy a couple of DVD's and an X-Box game from their suppliers, what stupid coment's.
Dear ill-informed Sensory and JJ. It is about securing business, suppliers want garuantee's in place that they will be paid, this is done by banks saying "yes the money will be made available", it is called "a line of credit" that most small and large companies use, HMV don't go out with a credit card and buy a couple of DVD's and an X-Box game from their suppliers, what stupid coment's. Folkestone Saint
  • Score: 0

11:59am Tue 15 Jan 13

Sensory says...

Folkestone Saint wrote:
Dear ill-informed Sensory and JJ. It is about securing business, suppliers want garuantee's in place that they will be paid, this is done by banks saying "yes the money will be made available", it is called "a line of credit" that most small and large companies use, HMV don't go out with a credit card and buy a couple of DVD's and an X-Box game from their suppliers, what stupid coment's.
FS. It is exactly the same principle.

And refusing to increase the credit card limit, if this is the actual problem as you say, is the same principle that suppliers and banks use when analysing HMV's £180m of debt and losses of £38m.

More interest payments on top of that is not the way to go. Indeed, it may have been the reason behind the news above.
[quote][p][bold]Folkestone Saint[/bold] wrote: Dear ill-informed Sensory and JJ. It is about securing business, suppliers want garuantee's in place that they will be paid, this is done by banks saying "yes the money will be made available", it is called "a line of credit" that most small and large companies use, HMV don't go out with a credit card and buy a couple of DVD's and an X-Box game from their suppliers, what stupid coment's.[/p][/quote]FS. It is exactly the same principle. And refusing to increase the credit card limit, if this is the actual problem as you say, is the same principle that suppliers and banks use when analysing HMV's £180m of debt and losses of £38m. More interest payments on top of that is not the way to go. Indeed, it may have been the reason behind the news above. Sensory
  • Score: 0

1:52pm Wed 16 Jan 13

robertspet8 says...

Folkestone Saint wrote:
So yet again another business is lost due to banks not lending to them, they have to realise that soon they won't have any busineses left to lend too, still as long as 5 or 6 people have their bonuses they don't have to worry about the 1,000's of people who are now out of work since the start of the year. Shame on you
Clearly Sensory does not have a clue what you are talking about. I do understand but I disagree with your assumption that a further extension to HMV's line of credit would have resulted in a better outcome.
HMV has an outdated business model, crippling debts and is paying very high rents for their prime positions. However, I think there is a place for a High Street retailer of music, films, games and other entertainment products. But, as a minimum, they will need to: negotiate lower rents; place a cafe in every branch so that people visit for social reasons; introduce listening/viewing/ga
ming booths; and, last but not least, have a strong online presence (website/social media/etc).
[quote][p][bold]Folkestone Saint[/bold] wrote: So yet again another business is lost due to banks not lending to them, they have to realise that soon they won't have any busineses left to lend too, still as long as 5 or 6 people have their bonuses they don't have to worry about the 1,000's of people who are now out of work since the start of the year. Shame on you[/p][/quote]Clearly Sensory does not have a clue what you are talking about. I do understand but I disagree with your assumption that a further extension to HMV's line of credit would have resulted in a better outcome. HMV has an outdated business model, crippling debts and is paying very high rents for their prime positions. However, I think there is a place for a High Street retailer of music, films, games and other entertainment products. But, as a minimum, they will need to: negotiate lower rents; place a cafe in every branch so that people visit for social reasons; introduce listening/viewing/ga ming booths; and, last but not least, have a strong online presence (website/social media/etc). robertspet8
  • Score: 0

3:32pm Wed 16 Jan 13

Hooked on you says...

Oh dear I have £50.00 in Gift vouchers that I had for Christmas. Can anyone give me advice on what to do next? Thank you.
Oh dear I have £50.00 in Gift vouchers that I had for Christmas. Can anyone give me advice on what to do next? Thank you. Hooked on you
  • Score: 0

4:24pm Wed 16 Jan 13

Sam_Walker123456 says...

Hooked on you wrote:
Oh dear I have £50.00 in Gift vouchers that I had for Christmas. Can anyone give me advice on what to do next? Thank you.
The Guardian online said, 'The administrator, Deloitte, said the retailer would not accept gift cards and vouchers as long as it was in administration, but there was a chance any new buyer might consider honouring them.' But don't hold your breath.
If they were bought using a credit card it is worth asking your credit card company for help.
[quote][p][bold]Hooked on you[/bold] wrote: Oh dear I have £50.00 in Gift vouchers that I had for Christmas. Can anyone give me advice on what to do next? Thank you.[/p][/quote]The Guardian online said, 'The administrator, Deloitte, said the retailer would not accept gift cards and vouchers as long as it was in administration, but there was a chance any new buyer might consider honouring them.' But don't hold your breath. If they were bought using a credit card it is worth asking your credit card company for help. Sam_Walker123456
  • Score: 0

5:20pm Wed 16 Jan 13

Hooked on you says...

Well thank you Sam_Walker for your advice I'll check with hubby whether he used his debit or credit card but I have a feeling he would have used the debit card so not much hope there.
Well thank you Sam_Walker for your advice I'll check with hubby whether he used his debit or credit card but I have a feeling he would have used the debit card so not much hope there. Hooked on you
  • Score: 0

11:44pm Wed 16 Jan 13

Folkestone Saint says...

Dear Hooked, if paid by debit card you should be o.k. check out Martin Lewis's web site.
Sensory and JJ, I was genralising in my first blog, and not talking soley about HMV, however I feel most for the staff
Dear Hooked, if paid by debit card you should be o.k. check out Martin Lewis's web site. Sensory and JJ, I was genralising in my first blog, and not talking soley about HMV, however I feel most for the staff Folkestone Saint
  • Score: 0

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