HMV Promotion?

[grah2702]

I visited my local HMV this morning and there is a large amount of DVD's/CD's and Blu-Rays with stickers on with blue crosses.
I asked a assistant what these were for and all she knew/would say was that they were for a promotion that starts Friday.
Having a quick look round the store I would hazard a guess that at least 2/3 of stock is so labelled.
Anybody have any ideas what this promotion is?

[Judex]

Blue Cross sale, I'm guessing 25% off.

[aewb]

Originally Posted by Judex

Blue Cross sale, I'm guessing 25% off.

That's what I heard. Beginning of the end I guess...

[Douglas R]

Press release:

HMV’s fantastic BLUE CROSS SALE starts Saturday

HMV is delighted to announce to its customers that it is launching a BLUE CROSS SALE this Saturday, 12th January 2013.

The huge price promotion, which is expected to run for at least the duration of the month in over 230 stores nationwide across the UK and Ireland as well as online at http://hmv.com/hmvweb/home.do, will see an amazing 25 per cent saving offered on the marked purchase price of thousands of selected CDs, DVDs, Blu-rays, box sets, games (including pre-played) and technology products, such as headphones, as well as books and other items stickered with the famous blue cross.

This fantastic New Year deal, which follows on from HMV’s popular Boxing Day BIG SALE, offers music, film, games and tech enthusiasts on the look out for unmissable bargains yet more added-value from HMV, including on recent chart releases and across a wide range of catalogue titles that have not been available in a special price promotion for some time.

ENDS

[Mavrick]

Well, if it's anything like the clearence sale on Play.com, we can expect to see HMV announce they are closing the week after

[grah2702]

Originally Posted by Mavrick

Well, if it's anything like the clearence sale on Play.com, we can expect to see HMV announce they are closing the week after

My thoughts exactly in the TV dvd section especially there are barely any un-stickered titles.
I don't buy a lot from my local HMV only titles that are competitively priced which does happen from time to time.
Problem is in my local town HMV is the last one that sells DVD's/Blu-rays and if that closes I will be forced to shop exclusively on line.

[Mavrick]

Originally Posted by Mavrick

Well, if it's anything like the clearence sale on Play.com, we can expect to see HMV announce they are closing the week after

Sorry guys, I jynxed us

Directors of HMV are this evening locked in talks about the retailer’s future amid growing concern that it could become the latest big-name high street chain to succumb to the flat-lining British economy.

I have learned that the board of HMV has been meeting today to thrash out options for the company, which are said to include a possible plan to call in administrators.

People close to the situation said that a number of options remained under consideration and that any announcement about a board decision was unlikely until later on Monday or Tuesday. It remains conceivable that HMV's lenders or another party will ride to its rescue and avert the need to appoint administrators.

If HMV did concede defeat in its attempt to trade itself back to health by calling in administrators, it would deal a devastating symbolic blow to the future of the British high street.

It would also put more than 4,000 jobs at risk, just days after the camera retailer Jessops announced its demise, with the closure of nearly 200 shops and the loss of almost 2,000 jobs.

HMV is run by Trevor Moore, who recently took over having held the chief executive’s post at Jessops.

If administrators are called in, the retailer’s board would probably hire either Deloitte or KPMG, two of the big four accounting firms, to oversee the process, according to people close to the situation.

Some of HMV’s 230 UK stores could yet be saved from closure if the company manages to attract a bidder. However, analysts have said for some time that a viable HMV is likely to involve a significantly smaller number of shops trading on UK high streets.

Apollo Management, the US-based investment firm, has been acquiring some of HMV’s debt from its lenders and was reported last month to be keen on a takeover of the company. Reports today suggested that it was no longer interested in buying HMV.

HMV has been the subject of periodic speculation that it would fall into administration for several years as it faced increasingly intense competition from supermarkets as well as online retailers such as Amazon.

Its shares, already close to having negligible value, were further hit just before Christmas when the company warned that it risked breaching its banking covenants at the end of January, blaming poor sales in the run-up to Christmas.

The company has not yet disclosed its trading performance during the crucial festive period although a decision last week to launch a huge sale across its product range reignited fears – denied by HMV – that it was running short of cash.

HMV insiders said the company has been considering updating the market next week on Christmas trading.

HMV has raised tens of millions of pounds by selling assets including the Hammersmith Apollo music venue and the Waterstone’s bookseller in an effort to buy itself more time to execute a turnaround strategy devised by Simon Fox, Mr Moore’s predecessor.

The music industry’s biggest companies have also chipped in to help prolong HMV’s future, participating in a new financing package last year.

The prospective administration of HMV is politically complicated by the fact that the company’s two biggest lenders are Lloyds Banking Group and Royal Bank of Scotland, which both count the British taxpayer as their largest shareholder.

HMV traces its heritage back to 1921 when Sir Edward Elgar, the renowned composer and conductor, opened its first store on London’s Oxford Street.

HMV declined to comment on Monday evening.

[Blu MacReady]

Originally Posted by aewb

That's what I heard. Beginning of the end I guess...

House of Fraser/Army and Navy also have a Blue Cross sale. Its just a new thing, not going bust just yet. Besides, with Play going in March R.I.P, HMV should get a boost

[aewb]

Originally Posted by Blu MacReady

House of Fraser/Army and Navy also have a Blue Cross sale. Its just a new thing, not going bust just yet. Besides, with Play going in March R.I.P, HMV should get a boost

You're right, but this just feels like the last throw of the dice. Everyone knows that they are in big trouble financially.

Originally Posted by Mavrick

Why the government have done this to the entertainment sector is beyond me, how can we start spending if all theyre doing is taking away our options?

I don't think you can blame the government on this one. HMV were really slow and complacent in how they reacted to online shopping, supermarkets and the decline of physical media.

[PK22]

I was gonna use my gift voucher today Think I'll save it for saturday morning