HMV in St Albans under threat
- Credit: Archant
THE future of the HMV store in St Albans city centre is under threat with the announcement that the 91-year-old music chain has called in the administrators.
The news comes just days after another local chain store, Jessops in The Maltings, closed.
The main entertainment retailing competitors for HMV, with its famous dog and trumpet, include supermarkets and Amazon.
According to a recent press release from the UK’s leading high street entertainment retailer, total sales from continuing operations for the 26 weeks ending October 27, 2012, were down 13.5 per cent.
Like-for-like sales from continuing operations went down 10.2 per cent.
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Just last month the chief executive of the HMV group Trevor Moore said that while the business had had a difficult first half last year, it was hoped that seasonal sales would help provide a platform for growth in 2013.
As of October 27 last year the HMV retail division operated 238 HMV and nine Fopp stores, selling music, video and games in four countries.
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HMV has also previously said that the illegal downloading market had, “undoubtedly adversely affected the physical music market whilst constraining the growth of legal digital channels.”
The HMV store on St Peter’s Street opened for business today.
But the company is understood to have said it would not be accepting gift vouchers, or selling any more.