HMV Kilkenny at risk of closure

RobitTV

Shares in music and books retailer HMV Group have fallen 21% after revealing falling sales, weak profits and trouble meeting the terms of a bank loan.

The firm - which also owns Waterstone's bookshops - plans to close 60 stores in UK And in Ireland the next 12 months in order to get costs under control.

HMV was not the only retailer to suffer in the cold weather. Clothes chain Next said on Tuesday it had lost £22m in store sales because shoppers stayed away when the snow fell in the run-up to Christmas.

HMV's share price has declined steadily throughout 2010, and the latest drop brings its cumulative fall to 78% over the last 13 months.
(BBC News)

road_high

Jeese I hope not. They are not even open very long in Kilkenny, little over a year I'd say.

ft9

Surely the ever increasing use of i-Tunes etc is a massive factor here rather than snow?

kensutz

Where does it say Kilkenny exactly?

Captain Havoc

If it's only HMV, then that's about 1/4 of their stores. Hope they have good rent prices in MacDonagh.

kensutz

There's 16 stores in Ireland, 23 in Scotland, 12 in Northern Ireland, 8 in Wales, and 220 in England. Not to mention airports etc where they are situated in.

RobitTV

RTE News confirmed Irish stores will also close, So stores That are in towns and Smaller cities are likely to be closed, Said Sky news earlier. So you never know what store will be closing. We havent got a full list yet.

kensutz

It doesn't say that all Irish stores are closing unlike Zavvi who said that all their branches were shutting down. No point in scaremongering until the facts are published!

RobitTV

kensutz wrote: »

It doesn't say that all Irish stores are closing unlike Zavvi who said that all their branches were shutting down. No point in scaremongering until the facts are published!

Zavvi was different they were Completely Bankrupt i think. So they had to shut down

But HMV Are only Closing stores To try and save Money and get some of it back, Sales have fallen there Becuase of the recent Weather, So this was going to happen sooner or later. But This is different to zavvi.

Hopefully it wont end up for Them having to shut down all there Stores in the coming Months and Years.

This maybe only the first stage 60 store closures so far, To try Save money. Hopefully things will only get better, There sales werent Bad at all in The rest of 2010 Appearntly.

Lord Derpington

TBH this could very well be complete bull, but when HMV opened in Kilkenny after that unit was empty for so long i heard that McDonough gave them the unit rent free for 5 years just to draw people up to the shopping center, as long as they advertised in the center to give back some money hence the HMV on the all the car parking tickets.

Like i said could be complete bullshit and more than likely is.

But if it isn't it would mean that Kilkenny store, lets not forget is almost defiantly the most profitable music store in the city i mean they are only competing with (now one) heathbeat city store, and rollercoaster (ticketMaster) so they are basically on there own because they are by far and away the best value.
Also being possibly rent free...the only major competition they have is online retailers.

Would defiantly be the last to go, if they couldn't turn a profit from that i dont know how anywhere else stands a chance.

TrustedApple

I know form someone that HMV in kilkenny are rent free, ESB free, and rates for for 5 years i dont see them closing in kilkenny when they only have to pay about 70 euros a hour to stay open with staff

Also Extravision in kilkenny is going to be gone with in the next few weaks i was cheating to there landlord last night and he was telling me that there pulling out because they are not making anything in kilkenny

But if Hmv and Extravisions gos in kilkenny where in kilkenny are you going to get a blu ray ?

also all the extravisions in cork are up for sale because there pulling out down there to

road_high

Wow sweet deal for them! The shop always seem very busy most times I go and lots of people buying things more importantly. Would be surprised if it closed tbh.

Asphyxia

Oh no! My cousin works in there I really hope it doesn't close it's started getting in some good books.