First it was Jessops now it’s HMV. A dark start to the year for the British highstreet following ‘Black Christmas’ in what is said to be a triple dip recession. It’s a sad day for every music lover, every believer in the highstreet and every person that cherishes the music they hold in their hands. Amazon and itunes have taken over and now a name that has stood strong for 92 years – being a hub of activity for teenagers and adults alike in their spare time, or a mecca for fans eagerly awaiting the latest album releases – are calling in the administrators.
235 stores, over 4,000 employees, the horizon looks bleak for the brand that stands for so much. It’s the place you bought your first CD, it’s the place you first tested out the latest ipod, and now it falls to the hand of the digital revolution. A sense of guilt has overcome me, as I’m sure it has done for many. We wanted music and we wanted it instantly to add to our portable collection, dipping in and out of the highstreet to get our hands on a real piece of music wrapped in cellophane. Now the black and pink brand whose gramophone logo was recognised the world over looks set to be no more. It’s very sad news indeed.
Opening its first store in London’s Oxford Street in 1921 and have been trading for 92 years. Its estimated revenue in 2009 was £1,956.7 million over eight countries. A number of store closures began in 2011 due to decreasing sales which resulted in HMV’s share price falling by 20%.
The administrators are due to go in tomorrow morning and it is unsure as of yet how many stores are to close.