RE: HMV IN ADMINISTRATION - 2

#16 by Sheldonboy , Wed Jan 16, 2013 8:17 pm

Quote: denise wrote in post #15
Block buster now so that three of em going.

Yes very sad news, I am surprised however Blockbuster lasted this long

#17 by astoness , Wed Jan 16, 2013 8:22 pm

dont forget comet den..theve gone as well..

#18 by Sheldonboy , Wed Jan 16, 2013 8:34 pm

Quote: astoness wrote in post #17
dont forget comet den..theve gone as well..

I could never understand why the shops in the retail parks were so big.

#19 by Deleted User , Wed Jan 16, 2013 8:53 pm

Its all the on line stuff thats doing it.

#20 by Sheldonboy , Wed Jan 16, 2013 8:59 pm

Quote: denise wrote in post #19
Its all the on line stuff thats doing it.

Very true Den, thats what HMV blamed. Not forgetting of course that HMV have had a very big online webite flogging their wares for ages. I wouldn't be surprised to see HMV survive as "online only". That's what Woolies did.
All the shops went, all the staff went. The business survived. NO SOCIAL CONSCIENCE.

#21 by Voltman , Thu Jan 17, 2013 7:13 am

Administrators have to go in and try to save the business, not the myth.

#22 by Sheldonboy , Thu Jan 17, 2013 7:42 am

Administrators don't work for nothing presumably so take another chunk out of the creditors pot. Not sure how it works.

#23 by mikejee , Thu Jan 17, 2013 8:35 am

They get their blood money before anyone else has a look in

#24 by Voltman , Thu Jan 17, 2013 9:00 am

Administrators charge very large sums of up to around £500 per hour for senior staff.
They can also make a business profitable whilst they are running it and so pay for themselves and keep some employees in work.
If they are successful the business can be sold on and creditors get some pence in the pound back.

Don't forget it is the original management who failed the business, it is they that spent more than they made, alienated customers, misjudged the market or had delusions of grandeur.
Don't blame the more successful businesses and certainly don't blame the administrators and liquidators who are a legal requirement for limited companies who find themselves unable to meet their obligations.

#25 by phil ( deleted ) , Thu Jan 17, 2013 9:43 am

Volty

Liquidators don't do anything special, they just collect in money that is owing that the business was unable to get the debtors to pay up, the liquidators having extra powers. They sell off plant and equipment and get rid of staff, and sell off profitable parts of the business, also they are in front of the taxman and the vatman when it comes to getting paid.

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